The EUR/USD pair kicked off during yesterday's trading session for a second consecutive day this week. Investors turned to buying the Euro after positive economic news in China. The pair received further support by Bernanke, who stated in his speech to act as needed to aid financial stability and economic growth, increasing the likelihood U.S. rates would remain at record lows even longer than previously anticipated.
British Pound and other riskier currencies gained yesterday after investors confidence improved following Trishet, ECB chairman and IMF chairman speeches. Investors put aside fears about Europe fiscal debts, after being assured by Trichet that more rescue plans would be issued if required.
Crude Oil also made a sharp rebound while price per barrel traded above $75 4 weeks high, and 300pips up compared to yesterday's open price. Gold suffered from risk averse and price per ounce declined sharply to $1215, after hitting record high at the begging of the week.
Forex Market Trends