Dollar recovers as Bernanke gave no signal of purchasing more bonds

The dollar gained support after Ben Bernanke -U.S. Federal Reserve Chairman- on Wednesday giving no signal that the central bank would undertake further bond purchases.

The dollar stood at 78.739 against a basket of currencies above a three months low, as it recovered after Bernanke’s testimony, although he gave a tempered view of the U.S. recovery.

The dollar was down 0.2 percent against the yen at 81.06 yen, hurt by profit-taking but staying close to a nine-month high of 81.661 yen hit on Monday.

Many market players say the U.S. currency could break above that high, even if the pace of its rally slows after a 6.5 percent gain last month, as the yen could remain under pressure after Bank of Japan easing measures, as Reuters stated.

Leave a comment