After Fed Chairman Ben Bernanke’s testimony yesterday, the USD has entered a minor down-turn. His statements reaffirmed the notion that interest rates will be held at record lows for some time. Even though the US stock market received a boost from this news, the greenback suffered a set back.
Events to watch today:
9:30 GMT: GBP – Revised GDP
– The second, revised, edition of the British Gross Domestic Product (GDP) is one of the less important versions of Britain’s economic overview, but given the GBP’s recent downturn and political tensions, any figures coming out of Britain that do not prove positive have the ability to damage the GBP’s strength.
13:30 GMT: USD – Prelim GDP
– The Prelim GDP report for the United States is similar to the British Revised GDP listed above. The difference is that Bernanke’s testimony yesterday which reconfirmed the Fed’s desire to hold rates at record lows for some time has had a dampening effect on the greenback. If this report proves negative, the USD’s small downturn could become a larger downturn going into the end of this week’s trading.
SOURCE: Forex Trading Education : Forex Trading Blog by FOREXYARD » British Revised GDP – Read entire story here.
