Source: ForexYard
The marketplace was relatively quiet during the overnight session, as investors were hesitant to open new positions ahead of an eagerly anticipated speech from Fed Chairman Bernanke today. The one exception was the Australian dollar, which extended its bearish trend due to a slowdown in China’s economy. As Australia’s biggest trading partner, economic data out of China tends to have a big impact on the AUD. The AUD/USD hit a one-month low at 1.0277 last night before staging a slight upward correction. The pair is currently trading at the 1.0305 level.
Main News for Today
Fed Chairman Bernanke Speaks- 14:00 GMT
• Investors have been eagerly awaiting today’s speech to see if the Fed Chairman will hint at new steps to boost the US economic recovery
• If the Fed Chairman does mention any new steps, including a possible fresh round of quantitative easing, riskier currencies like the euro could see significant gains before markets close for the weekend
Read more forex news on our forex blog
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