EUR/USD: Fed's Yellen Speech

The EUR/USD currency pair showed stormy reaction ahead and on the Fed's Chair Janet Yellen address. Before the speech started, the EUR fell sharply against the US Dollar, touching the four-week low, but gained strength back initially. In the Wednesday's morning session the pair continued to consolidate below the 1.1800 level. 

Janet Yellen sounded more hawkish, telling that the Fed is likely to raise rates so long as inflation growth keeps accelerating, and suggested the Central Bank to wary of making changes too gradually. Meanwhile, the Euro was influenced by uncertainties concerning the ECB monetary policy outlook, as Mr. Draghi and his colleagues failed to clarify the next moves on the QE tapering.