The prepared statement by Ben Bernanke contains no new details despite expressing concern from European issues and fiscal cliff. Euro bulls have some hope with the upcoming Q&A session. Update: Bernanke said in the Q&A session that “there may be diminishing returns” concerning QE3. EUR/USD bounces off resistance and falls quickly, dipping below another support line. This is a “buy the rumor, sell the fact” behavior, expect that there was no fact – no QE3 hints. Update: EUR/USD stabilizing above 1.2550. Bernanke did say that the Federal Reserve is ready to act. This is not new. He did say in the past that the “Fed is already doing a lot”. Bernanke also surprised by downplaying the weak jobs report: blaming it on seasonal adjustments after a warm winter. In the past, Bernanke downplayed the good figures at the beginning of the year. He is certainly careful. From the statement: This apparent slowing in the labor market may have been exaggerated by issues related to seasonal adjustment and the unusually warm weather this past winter Bernanke is under political pressure to avoid QE3 by some members of the committee. He was asked directly about QE3 but will likely avoid a direct answer. With weaker signs in the US economy and rising tensions in financial markets, Bernanke was expected to provide hints for more monetary stimulus such as QE3 in the next meeting of the FOMC, scheduled for June 20th – after the Greek elections and as G-20 leaders conclude their meetings. In the anticipation to Ben Bernanke’s appearance, the US dollar weakened, and EUR/USD flirted with critical resistance. EUR/USD fell as low as 1.2578 before bouncing back in a choppy reaction. It is currently at 1.2590. 1.2587 is minor support, with 1.2540 being more important. Updates from Q&A session: European tensions rose, but there’s not much the US can do. Housing is stabilizing Haven’t decided on QE3 Returns on QE are diminishing Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Forex Daily Outlook June 8 2012 Anat Dror 11 years The prepared statement by Ben Bernanke contains no new details despite expressing concern from European issues and fiscal cliff. Euro bulls have some hope with the upcoming Q&A session. Update: Bernanke said in the Q&A session that "there may be diminishing returns" concerning QE3. EUR/USD bounces off resistance and falls quickly, dipping below another support line. This is a "buy the rumor, sell the fact" behavior, expect that there was no fact - no QE3 hints. Update: EUR/USD stabilizing above 1.2550. Bernanke did say that the Federal Reserve is ready to act. This is not new. He did say in… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.