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Bernanke to trigger dollar recovery
After being savaged by Bernanke last week, dollar bulls have inevitably been much more timid ahead of crucial testimony from the Fed Chief this week. There is certainly reason for caution given Bernanke’s track record. Nevertheless, a potential September tapering of bond purchases will remain on the table and he will need to make references to the more hawkish elements within the FOMC. Overall, the net risks look to be that markets have swung too far towards expecting dovish comments and there is scope for a dollar recovery. Any EUR/USD rate close to 1.32 is a selling opportunity with better value in buying USD/JPY ... (full story)
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