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The USD recovered from 2009 low in Tuesday's trade supported by a spike in risk aversion as the IMF warns that the global recovery may be sluggish. Uncertainty about the strength of the global recovery may temporarily limit selling of the USD but the underlying downtrend for the US will likely remain intact. Speaking in New York Monday, Fed Chairman Bernanke pledged to maintain low yields for an extended period and appeared to suggest that if unemployment continues to rise the extended period of low yields may be longer than anticipated. The Fed chairman linked the timing of the Fed's exit strategy to employment outlook and price stability. Bernanke said that he expects a less than a robust economic recovery and warned that rising unemployment and tight credit conditions remain headwinds to growth.
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