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Over his tenure as Federal Reserve chairman, Ben Bernanke has grown a reputation for making conflicting statements in quick succession. It is this reputation that has seen the currency markets nervously tread water this morning, as there is the very real possibility that on the second day of his testimony to the US senate he will contradict much of what he said yesterday.
Of course with a plethora of distractions it is possible traders are merely pre-occupied by one or all of the golf Open Championship, the Tour De France or the second Ashes Test.
Apart from the ‘open to interpretation’ comments about tapering, Mr Bernanke did touch on the global policies of governments towards their own currencies, and the much-anticipated currency wars that are arguably yet to fully materialise. Following similar comments from the G20 and the G10, it appears that the US is fairly relaxed with the policies that the Japanese government has been employing, and at this point in time do not feel that any action is required.