EUR/USD has made two runs at the 1.2045/50 area but so far we are holding below that area.

US equities are dipping from there highs, now up less than 0.3%.

Bernanke says he is encouraged by the response of the Europeans but notes they lack the central fiscal authority of a country like the US. Programs undertaken have been “quite substantial” but says markets uncertain they will work. He is sure the Europeans will work to preserve the euro and the European union.