Dollar Advances After Bernanke Testimony |
| Wall Street Journal - Jul 21, 2010 |
The dollar strengthened broadly after Federal Reserve Chairman Ben Bernanke noted an "unusually uncertain" economic outlook, sending a flood of investors out of riskier assets into the perceived safety of the greenback.
The yen also shot higher in the wake of Mr. Bernanke's statement, with investors turning to the usual havens of the Japanese currency and U.S. dollar as investors worry the Fed eventually could further loosen monetary policy in response to a sagging economy, said Carl Forcheski, director of foreign exchange at Societe Generale in New York.
Mr. Bernanke, in his semiannual monetary policy testimony to the Senate Banking Committee, made no mention of changes to current ultra-accommodative policy in his prepared remarks. He did say that "We remain prepared to take further policy actions as needed to foster a return to full utilization of our nation's productive potential in a context of price stability."
Read Full Article from Wall Street Journal
- Posted: 2010-07-21 20:52:33
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