CURRENCY TRADING SUMMARY – 11th June 2008 (00:30GMT)

US Dollar gets a Bernanke bounce

By TonyD
10 June 2008 @ 08:47 pm EDT

• U.S. Dollar Trading (USD) received a massive boost yesterday as Fed Chairman Ben Bernanke ramped up his anti-inflation rhetoric. In his strongest wording to date he emphasized that the FED will strongly resist inflationary pressures whilst also downplaying the risks to the economy. Fed Futures reacted accordingly pricing in as many as two rate hikes this year and propelling the USD to its largest 2 day rally since 2005. The April Trade Balance widened on increasing Oil costs, jumping to $60.9Bln up 4.9Bln from March. The US share markets had a mixed day, the NASDAQ was down 10.52 points (-0.43%) and the Dow Jones was up 9.44 points (0.08%). Crude Oil closed down $-2.78 ending the New York session at $131.57 per barrel. Looking ahead, the FED Beige book is released.

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