During Wednesday European session the euro gained positions versus US dollar as markets focused on FED chairman Ben Bernanke statement at the U.S. Joint Economic Committee today.
The pair traded above 1.2900, as during the early hours of European trade session EUR/USD increased to 1.2939, and during the afternoon phase of the session reached 1.2957. US dollar was under pressure due to growing expectations that Bernanke would announce FEDs intentions to keep asset purchasing.
Yesterday another statement appeared in support of such policy, by St. Louis Fed President James Bullard, who said that FED could adjust its measures according to economic changes in United States.
US dollar marked an increase versus Japanese yen to 102.90, after earlier hours of the trade, when the greenback lowered against the yen, due to Bank of Japan decision to leave its monetary policy unchanged.
Additionally, earlier it became clear that Japan formed a bigger than expected trade balance deficit of 0.764 trillion JPY during April. Estimates showed a 0.605 trillion JPY deficit.
US dollar expanded against British pound to a seven-week high, as GBP/USD reached 1.5073, after disappointing Retail Sales data from United Kingdom, published earlier today.