Taking the thunder from the recent USD rally, Federal Reserve Chairman, Ben Bernanke said that the US economy still faces a long and steep road to recovery, citing the 10% unemployment rate as the core proof.
The remarks were accompanied by a caution to the financial world that too much should not be read into the recent strong employment report as it is possible that the rate will stay high for some time to come.
The news busted the hopes of traders who thought a rate increase in the US was coming soon; Bernanke made it clear that it is not under consideration based solely on one positive report and that the low rates are what is driving the recovery that it now appears, the US is going through.
In choppy trading, the Dollar was mixed, floating into positive and then negative territory several times during the week.