July 18 2013

In the trading room today: The Bernanke Effect and the USD Trend. With the second day of the Fed Chairman’s testimony on Capitol Hill underway, we examine yesterday’s statement by Ben Bernanke and continue to gauge the impact of the Fed’s monetary policy on the trend direction of the USD, we analyze the range in the EUR/USD currency pair, we keep an eye on the GBP/USD pair, we note the strengthening of the USD vs JPY, we highlight the market’s reaction to the UK Retail Sales and the US Jobless Claims, we discuss new forecasts from Royal Bank of Canada and ING Group, and prepare for the trading session ahead.