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Flash: USD profit taking ahead of Bernanke tomorrow - Societe Generale

FXstreet.com (Barcelona) - Alvin T. Tan, FX Strategist at Societe Generale notes that the market is taking profit on USD longs ahead of Chairman Bernanke's Congressional testimony tomorrow.

He adds that investors are hoping to get clarity from the Fed after hearing different views from various FOMC members in recent weeks. Further, Chicago Federal Reserve Bank President Evans stated last night that current Fed policy was appropriate, though noting that the economy appeared to be recovering well. He writes, “We doubt Bernanke will promulgate any major policy changes tomorrow. The recent slew of US economic data has been somewhat mixed, so the Fed is not going to change tune right now. But Bernanke will likely acknowledge the signs of improvement in the economy.”

EUR/JPY retreats off session highs to 132.19/26

The EUR/JPY has been sailing upward Tuesday, having spent most of the European session edging higher – during US trading however, the cross has eased off session highs (132.43) to trade at 132.19/26.
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American equity markets break higher Tuesday

The US stock market opened higher Tuesday, continuing an upward course and settling new all time highs in most major indices. In the United States, the Redbook Index (MoM) (May 12) was reported at +0.5%, relative to a figure of +0.7%. Moreover, the Redbook Index (YoY) (May 12) came in at +2.4%, compared with +2.8%.
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