US Dollar Gains Strength After Bernanke’s Statements

US Dollar Gains Strength After Bernanke’s Statements
February 29, 2012 Market Traders Institute

Today, Federal Reserve Chairman Ben Bernanke told Congress the US unemployment rate had fallen faster than expected. In January 2012, the US unemployment rate hit a 3-year low of 8.3% down from 9.1% in August 2011. The US economy is still recovering and will need to continue to grow to keep the unemployment rate from rising.

After Bernanke’s statements, the US Dollar gained strength against the Euro and the Yen. In the chart below, you’ll see how the USD gained 117 PIPS against the Yen in less than 48 hours.

USD Gains 117 Pips

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