Fed Chairman Ben Bernanke kicked off a rally in the U.S. dollar this morning by sounding less dovish than everyone had anticipated. Coming off the heels of two abysmally weak non-farm payroll reports, investors around the world expected Bernanke to say I told you so and prepare the market for easier monetary policy this month. Instead, the Fed Chairman downplayed the deterioration in job growth by saying that it may have been exaggerated by seasonal adjustments and unusually warm weather. He sounded more moderate than dovish, causing the dollar to soar as traders reverse their QE3 bets.
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