FOREX UPDATE

The EUR USD managed to hold on to its overnight gains despite bullish comments from Fed Chairman Bernanke that boosted the U. S. Dollar. Early in today’s trading session the Euro rallied sharply higher following the release of better than expected economic reports from France and Germany. The reports unexpectedly showed improvements in French manufacturing and German services. The Euro was trading firm at the New York opening but positive comments from Bernanke regarding the recovery in the global economic community helped the U. S. Dollar improve, thereby limiting gains in the Euro.