Yellen was a blanc, so come on Draghi

Yellen's speech has left stocks treading water and within the same risk-on journey that found traction again recently in a cautious market.

The Dow Jones Industrial Average was up 110 points, or 0.5%, to 21,8596 and was on track for a 0.8% weekly gain while the S&P 500 SPX,  popped by 12 points, or 0.5%, to 2,452, with all 11 main sectors trading higher still. 

Yellen's Jackson Hole Symposium: key takeaways and comments

Key data from today is again scrutinized instead weighing on the dollar in a big difference m/m and a miss of the expectations. United States Durable Goods Orders were below forecasts (-6%) in July vs Actual (-6.8%).

The dollar really needed Yellen's support today in an otherwise fickle market place but only the comments on financial regulations was hardly a game changer one way or the other for the greenback. 

Eyes on EUR/USD

So what makes today interesting now for the FX space, is whether Draghi will be more forthcoming in terms of the EZ economy and tapering, despite the euro being at key resistance and three-year highs. Currently, EUR/USD is trading at 1.1864, up 0.55% on the day, having posted a daily high at 1.1870 and low at 1.1773. "If Mr Draghi makes any mention of reflation, or delivers any hints about tapering, we'll have a look at Euro upside," Kit Juckes, economist at Scotie Generale suggested. 

While the euro is bid so far today, should a turn of events occur, in terms of levels, Valeria Bednarik, chief analyst at FXstreet, notes that the weekly low at 1.1730 is the immediate support ahead of a stronger static area at 1.1680/90. Below this last, the decline can gain momentum and extend down to 1.1630."