Flash: The euro was hit hard yesterday on the initial Bernanke reaction - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that the euro was hit hard yesterday after moving to $1.32 on the initial reaction to Bernanke.

However, they feel that despite the large sell-off in European equities, the unwinding of yen crosses, and flash PMI data suggesting the regional economies are still struggling, the euro is trading firmer. They write, “The Swiss franc, like the yen, has surged. The dollar was at a 10-month high against the franc yesterday near CHF0.9840 and is now trading two centimes lower in Europe.”