Dollar Drops After Bernanke Speech & GDP Report
4:41 AM // 0 comments // Unknown // Category: Forex NewsThe US dollar fell today after the report showed that the US economy expanded with slower pace than was predicted by specialists and Federal Reserve Ben S. Bernanke hinted at possibility of additional stimulus.
According to the preliminary report, US gross domestic product grew 1.0 percent in the second quarter of 2011, following the increase by 0.4 percent in the first quarter. The advance estimate promised growth by 1.3 percent, while market participants expected rise by 1.1 percent.
Bernanke said today at the Federal Reserve Bank of Kansas City Economic Symposium in Jackson Hole, Wyoming, that the Fed has means to further stimulate the US economy, stating “the Federal Reserve has a range of tools that could be used to provide additional monetary stimulus”. Chairman added that in the long run the economy can overcome its current difficulties:
Notwithstanding the severe difficulties we currently face, I do not expect thelong-run growth potential of the U.S. economy to be materially affected by the crisis and the recession if — and I stress if — our country takes the necessary steps to secure that outcome.
The speech was well received by markets and stocks advanced, pushing the Standard & Poor’s 500 Index up 0.7 percent after it earlier fell 2 percent.
EUR/USD climbed from 1.4377 to 1.4476 as of 17:00 GMT today, following the drop to 1.4328. GBP/USD rose from 1.6278 to 1.6341 after it dropped to 1.6206 earlier. Meanwhile, USD/JPY tumbled from 77.44 to 76.67.
If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.
wait
Related posts :
0 comments for this post
Leave a reply
TOP POST
-
Euro is turning lower today, after some gains earlier. Now, though, the 17-nation currency is falling back as Forex traders try to determine...
-
The US dollar gained today as signs of an economic slowdown in China damped risk appetite of investors and made them to return to the safety...
-
Vietnam //
-
Name: Jin Mei XiEnglish name: Olwen Jin Date of birth: August 21, Place of birth: Shandong Province Yantai City, China Height: 175 cm Weig...
-
As you'll recall from yesterday, there was one small detail that stood out in Microsoft's announcement of a new preview program for...
-
Chinese Stunning Model Anata Wang Ying
-
The first of Dalao class was commissioned in 2010 and within one year, the second boat was launched. Quietly, PLAN's submarine force is ...
-
Elly Tran Ha is an American-borned-Vietnamese, who has recently moved back to Vietnam from the USA. She works as a part-time model while fur...
-
The Swiss franc was down for the second week as prospects of peg of the currency to the euro significantly reduced appeal of the fra...
-
Hot And Sexy Upcoming Actress Uthpala Madushani, Uthpala Madushani Hot, Uthpala Madushani Bikini, Uthpala Madushani sexy, Uthpala Madushan...
Total Pageviews
- 2008 - 2009 SimplexDesign. Content in my blog is licensed under a Creative Commons License.
- SimplexPro template designed by Simplex Design.
- Powered by Blogger.com.