Bernanke dominated the FX day yesterday, with his comments initially giving the dollar a pop to the upside, but it did once again fall back to 15 month lows. The USD hit fresh intraday lows versus the EUR, JPY, CHF and AUD as better than expected figures from Japan fuelled optimism over the current global downturn.
- President Obama urged China to let their Yuan rise in value, explaining that an undervalued Yuan is putting US manufacturers at a disadvantage
- Bernanke repeated the Feds pledge to keep interest rates at low levels for “an extended period”
- US PPI release could impact on the major currencies this afternoon
Major Economic News