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Forex: Tuesday’s review
Yesterday the major currency pairs displayed high volatility in the background speech Fed Chairman Ben Bernanke in Congress.
The dollar rose at the outset, as the first reaction of market participants was negative, because no specific signal on the new incentives announced the U.S. economy was not.
Later, however, Bernanke said that the downside risks have increased, have been seen as one of these signals. Bernanke reiterated that "the Fed is ready to take action if necessary" and that "the recovery of the labor market is extremely slow."
The pressure on the euro also had a weak sentiment index data in the business environment of the institute ZEW, which fell to -19.6 in July to -16.9 in June.
The yen fell against the dollar after three days of growth, which was due to the fact that the Minister of Finance of Japan, Azumi said that foreign exchange earnings were "speculative" and officials are prepared to take drastic measures if need be. "
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