The dollar was gaining versus the majors as Europe absorbed Ben Bernanke's comments from yesterday. The Aussie dollar is the weakest against the USD with sterling not too far behind. A lack of data releases on the economic calendar today will have traders keying in on the upcoming central bank meetings, the most heavily scrutinized will be that of the ECB.
Sterling was down on the day against the dollar after the wires showed a Moody's official saying Britain's top credit rating could come under review if economic growth continues to deteriorate and if the fiscal program goals fall short. While this isn't much different from the rating agency's previous stance that was proclaimed in March, the sharp drop in cable shows how sensitive theforex trading market has become to the rating agencies moves. More weakness could be in store for cable as a break of the rising support line at 1.6350 could spur losses to the June low at 1.6280.