Bernanke Does it Again, Euro Looks for Golden Cross

EURUSD jumped 100 pts (1 cent) in less than 20 minutes immediately after Bernanke reiterated his dovish comments about the need for more POLICY accommodation to further boost employment. The Fed Chairman dragged down the greenback and boosted metals. Despite the odd hawkish pronouncement from the Federal Reserve (such as the Feb 29th Congressional testimony when gold fell $95), the overall tone remains largely dovish, insisting more accommodation is required. The PRIMARY GOAL of the Feds dovish stance (& shrugging of the data) is to contain the recent run-up in bond yields. The gain in long yields has stood counter to the objective of Operation Twist. But the Fed could be at RISK OF MISCALCULATING. Further Fed dovishness combined with continued upside data surprises may produce higher oil prices and higher bond yields, both of which could stand in the way of the current economic recovery. TODAYs INTERMARKET INSIGHTS look into the possibility of a GOLDEN CROSS in EURUSD, but care must be paid. For DIRECT ACCESS to Today's Trades, cLick here: http://ashraflaidi.com/products/sub01/access/?a=620 NOn-Subscribers, click here: http://ashraflaidi.com/products/sub01/