FED Bernanke: No surprises, an economic recovery is expected this year.

[RTFX-Trading]

FED Bernanke: No surprises, an economic recovery is expected this year.

The speech by the President of the Federal Reserve is not surprising: he said that the pace of contraction could be in a deceleration phase, the activity is expected to resume during the year, in a progressive manner. He added that investment in the business sector is low, that inflation should decline in 2009 and that conditions in the real estate sector are poor.

Little reaction so far, the EURUSD deals around 1.3400, the USDCHF around 1.1285, the USDJPY at 98.90, the GBPUSD at 1.5103 and EURJPY at 132.55. The tone of the speech was positive, it should support the euro and the "Carry” trades, while the U.S. dollar will suffer slightly.

Nicolas Longchamp.
Trading desk.

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