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Forex: Dollar rises across the board as Bernanke speaks

By FXstreet.com,  June 22, 2011, 03:06:00 PM EDT

FXstreet.com (Córdoba) - The Dollar gained momentum in the market and currently is rising, extending gains form the American session as Ben Bernanke answers questions following the FOMC decision to leave rates unchanged. EUR/USD failed once again to hold above 1.4400 and retreated to 1.4365 while GBP/USD extended losses, and fell below 1.6100. Greenback also rose versus the Swiss Franc and the Yen

Commodity currencies also weakened versus the Dollar. AUD/USD moved sharply off session highs and pulled back below 1.0600 while NZD/USD has fallen almost 40 pips in the last hour, trimming gains. USD/CAD rebounded at 0.9700 and rose back above 0.9710 as the Dollar strengthens in the market.

Stocks in Wall Street are reacting negatively to Bernanke words. The Dow Jones turned negative and is no losing 0.25% while the Nasdaq falls 0.21%.

Bernanke said that the extended period of exceptionally low interest rates means at least two to three central bank policy meetings away. The Fed lowered its growth forecast for 2011 to 2.7% - 2.9% and rose it inflation forecast, seen the headline inflation at 2.3% - 2.5%.




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


This article appears in: Investing, Forex and Currencies

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