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Forex pairs in this Article » EUR/USD, GBP/USD, USD/CHF, USD/JPY
FXstreet.com (Córdoba) - The Dollar rose slightly against the Euro and commodity currencies after the beginning of Ben Bernanke speech but fell versus the Yen and the Swiss Franc. Fed's Chairman said that despite the economic recovery, activity is still below its potential "consequently, accommodative monetary policies are still needed".

The EUR/USD initially fell to 1.4675 but rebound and rose back to 1.4690 while GBP/USD remained moving sideways above 1.6430.

The Swiss Franc and the Yen rose across the board with Bernanke words. USD/CHF trimmed gains and fell to 0.8360 while USD/JPY tested levels under 80.00 but rose quickly back above the mention level.

Commodity currencies weakened against the Dollar trimming gains as stocks decline in the US and finished at daily lows.

Bernanke talks, markets hear

Speaking at the International Monetary Conference Bernanke said: "The economic recovery in the United States appears to be proceeding at a moderate pace and -notwithstanding unevenness in the rate of progress and some recent signs of reduced momentum- the labor market has been gradually improving. At the same time, the jobs situation remains far from normal, with unemployment remaining elevated. Inflation has risen lately but should moderate, assuming that commodity prices stabilize and that, as I expect, longer-term inflation expectations remain stable".

The Chairman of the central bank also pointed out, in line with recent FOMC statement, that economic conditions "are likely to warrant exceptionally low levels for the federal funds rate for an extended period". At the moment he is answering questions.

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