Friday April 28, 2006 - 11:44:38 GMT
Share This Story
Black Swan Capital - www.blackswantrading.com
Gentle Ben hits the buck
"If you don't know where you are going, you will wind up somewhere else."
FX Trading â€“ Fed pause in the bag?
Fed Chairman Gentle Ben Bernanke hit the dollar pretty hard yesterday during his testimony before the Joint Economic Committee of Congress:
1) The Fed may pause no matter what the data says
2) China should let its currency run
3) The deficit is a danger
Gentle Ben handed the dollar bears plenty of ammunition.
The question: Will it be a beeline to new lows in the dollar? Will there be a pit-stop near what appears to be chart support at 85 on the index?
Well, we have more data on tap to sift through today: the Employment Cost Index and Chicago Purchasing Managers remains in what seems like an incredibly packed week of data and volatility. At the moment, it appears most of the players want to take home short dollar positions for the weekend.
One thing we did find very refreshing about Gentle Benâ€™s comments yesterdayâ€”the Fed Chairman cut right to the chase and communicated his views on some complicated subjects using language we all can understand.
Will we act on it in the â€śrightâ€ť way? Well thatâ€™s an entirely different â€śkettle of fish,â€ť as an esteemed English friend of mine would say.
Black Swan Capital
Subscribe to the Black Swan Letter
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."