Trust Bernanke to talk up the US dollar. He gets fawning coverage in the MSM. Take a look at the charts below.
Whoo hoo! Talk about a strong dollar policy. Bernanke is here to save us - LOOK at how big the red blip is! He's taken us all the way back to the strong US dollar days back in - wait, March! Finally some strong-arm action. When will we see the first Bernanke action hero? (A minority might prefer to see a comic figure with a red nose).
Seriously, when will we see the real headline:
and a longer perspective:
Dollar Climbs to Three-Month High as Bernanke Sees Lower
Risks to Economy
June 10 (Bloomberg) -- The dollar rose to a three-month high against the yen and climbed versus the euro after Federal Reserve Chairman Ben S. Bernanke said economic risks have faded, spurring traders to boost wagers interest rates will rise.
The U.S. currency gained after Bernanke said late yesterday that the central bank will ``strongly resist'' any waning of public confidence in stable prices. Canada's dollar erased losses as the Bank of Canada unexpectedly held rates at 3 percent to counter inflation.
Risks to Economy
June 10 (Bloomberg) -- The dollar rose to a three-month high against the yen and climbed versus the euro after Federal Reserve Chairman Ben S. Bernanke said economic risks have faded, spurring traders to boost wagers interest rates will rise.
The U.S. currency gained after Bernanke said late yesterday that the central bank will ``strongly resist'' any waning of public confidence in stable prices. Canada's dollar erased losses as the Bank of Canada unexpectedly held rates at 3 percent to counter inflation.
Seriously, when will we see the real headline:
Bloomberg (June 2010): Bernanke blamed for US dollar rout, defends himself. In his recently published memoirs, published just three months after his ouster as Chairman of the Federal Reserve Board, Bernanke voices his opposition the widespread blame he attracted for the demise of the US dollar as reserve currency and a major commodities currency. An extract: "The Federal Reserve board policies under my tenure followed standard well-researched policies that had been successful in many recessions. Ultimately, loss of trust in the US consumer by over-saving and resurgent Asians brought the dollar down. I had to handle a difficult legacy, and faced significant opposition. I did the best I could.".
and a longer perspective:
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