Forex Blog: Currency Trading News & Analysis.

February 13th 2007

Flat USD as investors look to Bernanke

The USD has been trading sideways over the last couple of months, leaving investors scratching their heads and searching for insight into the currency’s future direction, which will probably take the form of a big jump out of the channel it has been trapped in. Even the release of monthly trade statistics, which can usually be counted on to elicit some response in forex markets, fell flat this month, despite surpassing economists’ predictions and setting a new record. Next, investors will be turning their gaze onto Ben Bernanke, chairman of America’s Federal Reserve Bank, who is scheduled to deliver his semi-annual testimony before Congress this week. If Dollar bulls are lucky, he will provide a hawkish outlook on near-term monetary policy. The International Herald Tribune reports:

“If he says anything more upbeat about the U.S. economy or reaffirms the Fed’s concerns about inflation, the dollar is likely to gain.”

Read More: Dollar down but calm awaiting Fed chief Bernanke’s testimony

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Posted by Adam Kritzer | in Central Banks, US Dollar | No Comments »

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