US Fed. Chairman Bernanke Testifies 07/21/09

Fed. Chairman Bernanke is scheduled to testify in front of House Financial Services Committe in Washington DC on the semi-annual policy report.  If Bernanke is hawkish in his tones over future economy outlook, then we should see risk appetite sentiment where USD should gain substantially against JPY; however, if the chairman’s tone were rather dovish, or expresses his concerns over the prolonged recession and contraction of the economy, then we will likely see risk aversion sentiment driving the market, where JPY should gain against USD.

UPDATE: Bernanke turned out to be pro USD, driving USD and JPY stronger against other major currencies.  Therefore I took advantage of this risk aversion sentiment and banked 25+ pips (potentially 50+ pips) in less than 2 hours.

[flv:http://www.newsprofiteer.com/072109-bernanke/072109-bernanke.mp4 480 360]

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