Today's Beige Book report that was released at 2:00PM EDT gives us an idea of what the Fed's perspective is on the economy.

Recent jobs report and other economic data have but a dampen on the recovery, but the language in the beige book take a more optimistic tone as it remained similar to the language in the previous Beige Book, according to Joushua Zumbra reporting for Bloomgerg.

Expansion was moderate in May and employment was steady, though optimism was guarded.

The next lead-up to Thursday's (6/7) Bernanke testimony at 10:00AM EDT, is tonight's (6/6) statement from Janet Yellen in Boston. What she says might be very close to what Bernanke will tell the market, and therefore can be a risk event for the USD.

The USD Index has been easing since tagging a resistance pivot near 83.60, which goes back to August 2008. The next visible support pivots in the daily chart are 82, and then the 80.35-50 area.

US Dollar Index (USDX) 6/6/2012 2:46PM EDT


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Fan Yang CMT is the Chief Technical Strategist, trader, educator and a of the main contributors to FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

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