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Euro/USD: USD strengthens on Bernanke’s comments
The pair EUR/USD is traded slightly downward on Tuesday morning – after Federal Reserve Chairman Ben S. Bernanke’s speech the day before.
By 9.00 Moscow time the Euro is at 1.4200 against Monday closing session level of 1.4219.
Ben Bernanke said in his speech that the increase in inflation seen now was based on commodity-price factor and was therefore transitory. According to him, this would not be long and Fed had to monitor inflation extremely closely to be ready to respond in case the situation worsened.
In response to Bernanke’s words USD strengthened a bit.
Important data will be released today including Services PMI – in Spain, France, Germany, Great Britain, at 18.00 Moscow time – in USA. Besides, Retail sales in eurozone published midday will be of interest.
By now Euro resists selloff.
Most likely the pair EUR/USD will not go beyond the range of 1.4170-1.4280 at the trading session on Tuesday.