…I think we may have seen our worst for the day. Once European bonds and stocks markets grind to a merciful close, the US will be left to its own. less dire, devices. With Bernanke speaking in early afternoon from New York, intraday dollar longs may want to head to the sidelines for fear that he could drop a dove-bomb on the market.
My guess is that he will stick to his recent theme that the economy has picked up steam but is not growing fast enough to improve the labor market in a sustained way…
Taking a few chips off the table in what has essentially been a range-bound market makes sense…EUR/USD trades at 1.3073.
