EURO surges on Bernanke Comments and US Homes Sales

Us Existing Home Sales climbed to 7,2% as opposed to the 2.1% expected.

The Dow Jones surged to new year-to-date highs as result of both the US home result and a statement from Ben Bernanke claiming that the recession was over.

The decrease in risk aversion saw rapid sell-offs in both the USD and the YEN. The action was also supported by the increased chances that the FED will rise rates sharply during 2010.

The EURO has enjoyed a strong rally today based initially on the strong PMI releases from Germany and France and then on the comments from Ben Bernanke and the much better-than-expected US data.