Chairman Bernanke says it is too soon to assess the impact of the first $787 bln Obama stimulus package and says it is too early to consider a second package.
Both EUR/USD and USD/JPY were in demand at the 15:00 GMT fixing, traders report. EUR/USD has rebounded close to session highs at 1.4520 and USD/JPY is doing the same at 93.70.
Both pairs are seeing short-covering after breaking to the downside in New York morning trade. Traders say the market is short EUR/USD intraday and looks like it will not back off in the near-term. Offers are eyed at 1.4250, 1.4275 and again at 1.4285/1.4300.
EUR/JPY is stitching up intraday shorts as well, jumping from 132.10 90 minutes ago to 133.40 now. 134.50, yesterday morning’s high, is next resistance of note.
