Daily Forex Market by FXCC 08Jun2012

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[b]Daily Forex Market by FXCC 08Jun2012

This has been a busy week for central Banks around the Globe

The US markets ended mixed on Thursday after seeing early strength. The initial strength on Wall Street was partly on account of a positive reaction to news of a surprise interest rate cut by China's central bank. The markets also benefited from the release of a report showing a decline in initial jobless claims in the week ended June 2. However, stocks pulled back well off their highs as Federal Reserve Chairman Ben Bernanke began to testify before the Joint Economic Committee in Washington. While the Dow increased by 46.2 points or 0.4% to 12,461.0, the Nasdaq fell 13.7 points or 0.5% to 2,831.0 and the S&P 500 edged down 0.1 points to 1,315.0 Bernanke says Federal Reserve stands ready to act to protect the financial system and economy in the event that financial stresses from the European crisis escalate. However, the testimony to congress didn