Euro Holds Steady vs. Dollar, Focus on Bernanke
The euro held steady against the dollar on Monday, with the near-term focus on whether U.S. Federal Reserve Chairman Ben Bernanke will give any hint of additional monetary stimulus when he gives testimony to Congress in coming days.
The Australian dollar dipped but held on to the bulk of the gains it made on Friday when it drew strength from data showing that China, the main buyer of Australian exports, posted second quarter GDP growth of 7.6 percent, matching expectations.
Moves in major currencies were subdued with Tokyo markets closed for a public holiday on Monday and as investors anxiously awaited Fed Chairman Bernanke's testimony before Congress on Tuesday and Wednesday.
"I think he certainly will keep the door open. But I don't think that he will indicate the Fed are any more closer to QE than they were at the last FOMC meeting," said Mitul Kotecha, head of global foreign exchange strategy for Credit Agricole in Hong Kong.
The Fed last month expanded efforts to keep long-term interest rates low by announcing it would buy an additional $267 billion in long-term bonds while selling short-term securities in a measure known as Operation Twist.
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