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Fed V Fed - Bernanke stays in control
The dollar is best placed to make ground in the global ugly contest over the next few weeks, especially with an improving structural balance of payments position. Fed Chairman Bernanke, however, is likely to reassert control and adopt a generally dovish tone in key testimony this week while paying lip-service to the more hawkish concerns. This stance is likely to trigger a temporary reversal in dollar strength, especially with the sequester issue not resolved. Give the market timing, look to buy any Italy-induced Euro sell-off during Monday. Fed Chairman Bernanke will testify to Congress on Tuesday and Wednesday. ... (full story)
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