Dollars Shows Signs Of Life As Bernanke Said "At Some Point" The Fed Will Tighten
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After showing concerning weakness all week, the dollar is finally seeing some support today. Comments from Federal Reserve Chairman Ben Bernanke that the Fed will raise rates at some point to control inflation is helping the dollar today.
The dollar gained 1% against the Yen.
In a speech at the Federal Reserve Board Conference yesterday in Washginton, Bernanke said, "At some point, however, as economic recovery takes hold, we will need to tighten monetary policy to prevent the emergence of an inflation problem down the road."
Gold (NYSE: GLD), which hit a new all-time high this week due to the dollar weakness, is about 1% lower today.
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