The US dollar advanced today against all major currencies as Forex traders expect Federal Reserve Chairman Ben S. Bernanke will signal this week about additional stimulus for the US economy.
Bernanke will speak at the conference in Jackson Hole, Wyoming, on August 26. Many market analysts don’t believe that Bernanke will announce the third round of quantitative easing openly. Yet they think Chairman may give hints about additional stimulus for the economy in the near future. One way or another, his speech will have a great impact on Forex market.
The dollar was fluctuating against the euro and the yen, but later broke to the upside. The greenback rallied against the pound almost unstoppably today. Currently the US currency slowed its rally, yet remains quite strong.
EUR/USD fell from 1.4439 to 1.4405 as of 16:31 GMT today after rallying earlier to 1.4481. GBP/USD slumped from 1.6494 to 1.6373. USD/JPY advanced from 76.63 to 76.75.
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