🚀 ProPicks AI Hits +34.9% Return!Read Now

USD Gets Hammered Thanks To Bernanke

Published 03/27/2012, 10:40 AM
Updated 05/14/2017, 06:45 AM
EUR/USD
-
USD/CAD
-

So much for no more QE3.  Bernanke gave the markets the juice they were looking for when he talked about the only way to reduce unemployment was to keep an easy and accommodative monetary policy in place. The markets jumped on these comments and stocks took off with the S&P jumping to its highest levels since May 2008 while the USD got hammered. Why? Pumping more USD’s into the market only devalues it further, so across the board, the USD got beat up against the G-8 countries (save for USD vs. JPY).  Shoot – the Thai Baht gained against the USD today, even the Iraqi Dinar had an uptick on this, so this should tell you how this fared for the USD as the DOW jumped 160.90pts or 1.23% with the S&P up 1.39%.
<span class=USD/CAD" title="USD/CAD" width="640" height="512">
EUR/USD – Dynamic Support Holds

After consolidating for most of last week, the EUR/USD was held up by dynamic support and the daily 20ema as traders piled in long on the intraday pullback and sent this pair 150+pips higher as it took out the key resistance from last week. Price action is approaching resistance at 1.3400 and the yearly highs at 1.3480 so traders should watch for price action triggers at these levels for possible shorts. Any daily closes above here will likely add confidence to the bulls which could easily see the pair touch 1.3700 in the near term.
<span class=EUR/USD" title="EUR/USD" width="640" height="512">

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.