Hi Ken,

I would like to give a news floating in the market currently about this pair that Chairman Ben Bernanke stated that the markets are being closely watched, and that the Fed is willing to provide further assistance to reinforce them, such as emergency lending facilities for big Wall Street firms among other measures.
This statement contributed to the rise of the dollar, which was also boosted by the $10 fall in oil prices from its peak of about $146 a barrel. This assured investors' concerns about the erosive impact of oil prices on global growth and corporate profits.
Yet traders believe that a steeper fall in oil prices is needed in order to truly improve the state of the dollar: a drop below $120 would turn dollar's condition upside down, according to senior analysts. Yet there was little change in oil prices on Tuesday, which were traded around $136 a barrel.
The euro also steadied at $1.5666, a retreat from the $1.5740 high before Bernanke's speech. The European currency lost its two-month peak of $1.5910 from last week, but remains between the May and June low of about $1.5300 and April's peak of $1.6020.



Happy news trading!!!