RTRS: Euro gives up gains as Bernanke says not ready to ease
The euro pared gains against the dollar on Thursday after Federal Reserve Chairman Ben Bernanke said he was not ready to take more monetary easing action yet, noting inflation had picked up since late 2010.
Bernanke did say in testimony before both houses of Congress that the Fed stands ready to take more action should the economy worsen, a remark that hurt the dollar a day ago.
The euro gave up its gains to trade at $1.4185 EUR=, unchanged from late Wednesday. It had been trading around $1.4220 before Bernanke's remarks. [ID:nN1E76D0IG]
"The catalyst appears to have been his saying the Fed is not prepared at this point to ease further, which unwinds the prospects of an imminent QE3," said Forex.com strategist Brian Dolan.
(Reporting by Steven C. Johnson, Editing by Chizu Nomiyama)
