The day began with the dollar continuing its momentum following Friday's better than expected Non-Farm Payrolls numbers. As a result the EURUSD traded to a low of 1.4760 and gold hit 1135 (remember, it was headed towards 1225 late last week). Part of today's move was also based on anticipation that FED Chairman Ben Bernanke who would be speaking would comment on the jobs news, and possibly issue a revised outlook about when the FED will raise interest rates. This is a recap of what Bernanke had to say.

But first a recap of the numbers: (as of 20:00 GMT)
EURUSD : 1.4821 (-35 pips)
GBPUSD : 1.6437 (+11 pips)
USDJPY :  89.46 (-72 pips)
AUDUSD : 0.9120 (-10 pips)
USDCAD : 1.0528 (-32 pips)
GOLD : 1155 (-$6.50)
CRUDE OIL :  73.90 (- $1.85)
S&P 500 :1100 (- points)

So what did Bernanke say?

The short answer is NOT MUCH. Bernanke continued to stress that the US economy is gradually improving, but economic growth is only expected to moderately grow next year. Therefore, record low rates will likely remain low through most of next year.

As the prepared remarks were released, Forex traders sold off the dollar and the EURUSD was able to trade briefly above 1.4900. However, as the evening has continued, the dollar has regained much of its strength and the EURUSD has returned towards the 1.4800 level.

At Go Forex, we believe that today's trading shows reveals that Forex traders aren't yet ready to bank on a return to rising risk appetite and a falling dollar. As reported last week after the ECB's rate announcement, the Eurozone appears to have its share of weak spots, thereby inhibiting the ECB from raising rates too quickly. Therefore, with the BoE, BoJ, FED, and ECB all sitting pat on raising rates and reducing stimulus, the market may trade range bound for the short term until the next market catalyst occurs.

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