Last week was very busy and volatile, since we traded at new lows in USD vs CHF, AUD, JPY and CAD in the majors.
The market was expecting that Fed Chairman Ben Bernanke would give us more clues regarding QE 2.0 and thus betting on more USD selloff. This is what happened a few minutes after he started his speech, but it seems that USD bearishness was then at its peak and we had a very strong reversal by the end of the day.
The US 10y future also responded by making a selloff, thus USD rates by going up, gave some very strong support to the USD itself.
In the future, my goal in commenting the FX arena will not be to tell you what happened after the fact, you have all the newspapers and market comments for that..., but I will try to anticipate those moves by commenting what I see in the market environment (interest rates, commodities, stock indexes futures movements), as well as technical analysis.
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