Bernanke on 60 Minutes Lifts U.S. Dollar


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  ECB Sits and Does Nothing for EUR/USD Status Quo

After sliding during the last three trading days of last week, the U.S. dollar ( USD ) is starting off this week with a bullish bang -- thanks in large part to the TV news program 60 Minutes . Federal Reserve Chairman Ben Bernanke appeared on 60 Minutes on Sunday and said that a return to a recession in the U.S. "doesn't seem likely." He also said that it is "certainly possible" that the Fed would need to and be willing to step in and do more for the U.S. economy even after it has injected the full $600 billion allocated in the QE2 package.

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These comments have led to increased purchased of U.S. Treasuries -- which has increased demand for the USD. Of course, we'll have to see what happens in the U.S. stock market this week. If the S&P 500 is able to break out above resistance and start forming new highs, watch for the USD to continue losing ground.

Here are a few of the topics we discussed in today's Ask the Expert: Forex video.

- Discord among European finance ministers weakening EUR
- Bank of Canada (BOC) interest rate statement
- Reserve Bank of Australia ( RBA ) interest rate statement
- Reserve Bank of New Zealand (RBNZ) interest rate statement
- And much, much more

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[hdplay videoid=239 height=360 width=640 autoplay=false]
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Image courtesy of Cain and Todd Benson

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing Stocks
Referenced Stocks: RBA , USD

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