Excerpt from: Forex Analysis
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| July 15, 2008 | | Greenback tanks as Bernanke addresses Congress | When formulating forex trading strategy, it is important to keep in mind that financial markets -- including the currency market -- can be influenced by what policymakers say.
Right now, Ben Bernanke, chairman of the US Federal Reserve, is influencing FX trading on the currency market, especially forex trading with the US dollar. His remarks to Congress this morning have little in the way of optimism for the US dollar, reports Bloomberg:
``It's hard to find anything dollar positive in the
statement,'' said Robert Sinche, head of global currency
strategy at Bank of America Corp. in New York. ``Bernanke
clearly acknowledged more growth risks than he anticipated a few
weeks ago. The problem is coming from the financial sector.''
Indeed, Bernanke was quite clear that the US economy is likely to see many months of challenges ahead. His rhetoric has changed markedly from a few weeks ago, when he insisted that the worst was over and that there was a good chance that the economy would start recovering in this second half of 2008.
| Topic Tags: Ben Bernanke, currency market, currency trading, forex trading strategy, forex trading US dollar, FX trading, FX trading currency market, greenback Bernanke | |
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