Yesterday, Bernanke maintained the conclusions of a further interest rate cut stating that downside risks to economic growth remain. However, the dollar reacted quite calmly to the news. Few important US data came out and were the main highlight of the day, yet currencies are still fluctuating within tight ranges since early trading.

However, the euro was the most to react as news provided enough momentum for the euro to trade above the dollar today, reaching a level of $1.4692 compared with $1.4639 overnight.

The pound is damp as fears are growing that the UK may follow the US into a recession. Meanwhile, Sterling on the other hand, lost its strong upside momentum and dropped heavily against the US dollar trading at $1.9630 now as UK's recklessness may also be weighting on the pound.

Lastly, the yen is still losing ground against the greenback pushing the USD/JPY pair to fluctuate within narrow ranges fetching at this hour a high of 108.31 and a low of 107.27