US DOLLAR UNDER PRESSURE BEFORE BERNANKE SPEECH
Not a good start to the week for the greenback as it was lower against all of its major counterparts except for the yen.
Ben Bernanke is due to give a speech today on monetary policy and recovery from the financial crisis, while the dollar has remained under pressure with continued speculation regarding the central bank's quantitative easing program.
EUR/USD received a boost when the ECB decided to keep its benchmark interest rate unchanged at 0.75%. This rise of 0.42% for the euro brings it to a 11-month high versus the US dollar.
The yen has dropped to its lowest levels since 2010 ahead of the Bank of Japan's Governor Masaaki Shirakawa's speech today, amid speculation that the bank chief will expand monetary easing efforts.
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