Daily Forex Commentary for July 22, 2009

July 22, 2009

Late Session Equity Market Rally Erases Dollar’s Early Gains

An opinion piece by Federal Reserve Chairman Bernanke helped put pressure on the GBP USD early in the New York trading session.

The article in the Wall Street Journal highlighted Mr. Bernanke’s opinion that the Fed was “confident we have the necessary tools to withdraw policy accommodation, when that becomes appropriate.” Bernanke went on to say in the article that the Fed will maintain “accommodative policies” for an “extended period” of time.

These comments are helped encourage …
Read More …