Ahead of the two day testimony by Bernanke to the Senate, the US Dollar slipped back from eight month highs as investors took risk off the table. Bernanke is scheduled to start speaking at 1500 hours this afternoon, but looking at the wider market, concerns over consumer confidence in the US, and falling Ifo numbers helped dent overall sentiment.
- Consumer Confidence fell to ten month lows in reaction to a worsening jobs market
- The IMF have warned leading economies not to rush in to slashing budget deficits for another year in case it leads to a double-dip recession
- Mervyn Kings comments that the UK may have to return to quantative easing put further pressure on Sterling
- The weekly oil inventories are scheduled to be released at 1530 this afternoon
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