01 Mar '11, 11pm

US dollar firms on Bernanke oil comments

NEW YORK: The US dollar firmed on Tuesday as Federal Reserve Chairman Ben Bernanke's warnings on high oil prices were seen as the bank taking a slightly tougher stance on inflation. The dollar rose after Bernanke warned that sustained high oil prices would damage the economy, even if current high commodity prices would only spell temporary and limited US price increases. "On balance the dollar has traded higher as Bernanke acknowledged the increase in commodity prices," said Kathy Lien of GFT. "Bernanke's comments show that the US central bank is looking beyond the temporary impact of higher oil prices." "Having previously described underlying inflation as trending downwards and inflation expectations as stable, Bernanke's latest comments represent a slightly tougher stance on price stability." The tougher stance could spell a quicker-than-expected interest rate rise, whic...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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