Bernanke facing Fed critics, Forex market is waiting

Federal Reserve BuildingFederal Reserve Chairman Ben Bernanke will face Federal Reserve critics Tuesday with the U.S. Senate Banking Committee first in line. Bernanke will come under the spot light for his questionable methods of bringing growth to the U.S. economy. Wednesday Bernanke is scheduled to meet with the House Financial Services Committee.

Since 2008, the Fed’s bond buying program has tripled to $3 Trillion dollars.

Last week The Fed’s meeting minutes suggested the Federal Reserve could quench their QE soon.

In result of this, economists and investors will be paying very close attention to Bernanke’s words in the next couple days.

Will the Fed continue to buy $85 billion dollars worth of bonds per month? They said that they would until they saw “substantial improvement“.

Spending cuts approachThe reality of $85 billion in spending cuts set to come into effect on March 1st will likely be addressed in these meetings also.

The charts
The EURUSD is testing strong support levels around 1.30 and 1.297. The U.S. Dollar’s value could be greatly influenced by the meeting the next couple of days.

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