Swiss Fran was the most underperformed currency as it fell across the board on the back of flat CPI

Previous day weakness was followed through to overnight after Ben Bernanke moronic speech of stating nothing but the obvious facts. Bernanke admitted that US is slowing down but was muted on the topic of further stimulus, sending the market to have a sell off. US fell moderately across the board with SP500 index down 0.1% and Dow traded relatively flat by session end at -0.04%. The weak sentiment will continue until some structural changes are made or at least provide some intention of the government policy going forward. The feds will need to be cleared of whether there will be a QE3 or some sort of stimulus plan to provide some lights to the market. Lack of communication will see the market start to unwind, especially of all the QE trades.

Swiss Franc was the most underperformed currency as it fell across the board on the back of flat CPI came in unchanged at 0%, which is higher than expected at -0.1%. CHF depreciated over 1.1% to 1.1918 against the dollar. The weakness was further amplified as it is not in favour of the debt rollover out of Greece.

EURUSD initially fell during the Bernanke’s speech, however, found its inflexion point short after as it marched north and trading just short of 1.47. Also, GBPUSD tracked sideway and was muted throughout the session after an over 1% gain made of the open.

AUDUSD back above 1.07 as it followed the bullish EUR overnight. Moreover, there seems to be an obvious consolidation within a 50 points range around this level. NZDUSD looks to be weak on Asian open as it faces some selling pressure, a switch of risk appetite from the Kiwi holders.