Nat Gas, Oil Fall Before Storm Report: Market Bits
"The dollar strengthened after Fed Chairman Bernanke said that further commodity price rises could boost U.S. inflation, and that the Fed would have to respond if higher inflation was sustained," UBS foreign exchange strategist Gareth Berry said.
However, the dollar was falling 0.6% against the British pound sterling at 0.61590 as the UK Purchasing Managers Index registered favorable data.
The Brazilian real (BRL) was rising 0.3% against the dollar at $0.6191 as Standard Chartered Global Research raised its short and medium term ratings on the currency to overweight from underweight. "Policy makers' threshold for currency strength has increased following consolidation in Q1 (first quarter)...This suggests a lower USD-BRL range in Q2 (second quarter)," the report said. BRL 1.58 is the currency team's new end-quarter target for the U.S. dollar-Brazilian real pairing. WisdomTree Dreyfus ETF BZ Real Fund (BZF) was trading sideways at $28.07.
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