25.09.201510:43 Forex Analysis & Reviews: Global macro overview for 25/09/2015

Global macro overview for 25/09/2015:

During yesterday's speech at the University of Massachusetts, Fed Chair Janet Yellen reaffirmed the central bank's intention to tighten the monetary policy by raising the short-term interest rates this year. As the recent documents from the Fed meeting last week showed that 13 out of 17 Committee members expect rates hike this year, the question remains if the Fed will decide to raise the rates in December or even October? So far the Fed decision was accompanied by the press conference and the next Fed meeting with press conference is scheduled for December, not October. This is why, any interest rate hike in October would be a huge surprise for the markets and a game-changing move for market participants.

The EUR/USD daily technical picture show a failed attempt to break out the 1.1297 resistance and a decline towards the technical support at the level of 1.1086. Any breakout lower will directly expose the level of 1.1017 for a test.