Bernanke’s speech last night has helped shake a complacent market and has pushed US rates higher and commodities lower. Gold is about $15 below yesterday’s high while oil and copper are both falling as well.
Bids are seen in the 1.4700 area, some from central banks converting dollar proceeds from intervention into EUR. Stops are gathering below the 1.4690 level, traders report.
USD/JPY stalled in the 89.40 area wehre options-related offers from China were noted.