Monday February 13, 2006 - 07:09:06 GMT
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Tricom Futures and Foreign Exchange -
Forex: Bernanke - the new Messiah, or the future scapegoat??
The dollar hit a six-week high against the euro on Monday as investors expect new Federal Reserve Chairman Ben Bernanke to signal that the central bank is not done with its 19-month streak of raising interest rates.
The dollar had jumped to multi-week highs against the euro and the Swiss franc on Friday, recovering from an initial slide after data showed the U.S. trade deficit swelled more than expected in December and ended 2005 at a record $725.8 billion.
The dollar would likely stay firm ahead of this week's main event for financial markets -- Bernanke's testimony and the release of the Fed's semi-annual report on the economic outlook.
Bernanke is due to deliver the report to the House Financial Services Committee on Wednesday, his first public appearance to discuss the economy and monetary policy since becoming chief U.S. central banker.
Not much to go off today, keep an eye on the Yen again for further gains against the USD, and Euro.
Today's Economic Release:
Today's Top Trades
- Sell EUR/JPY on strength towards 140.50, with stops above 141.00
For more ideas send me an email, [email protected]
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