The countdown to the semi-annual testimony by the Federal Open Market Committee (FOMC) chairman on Wednesday has begun. The forex market saw a wild ride on Friday’s trade numbers and will now be range bound into his appearance. The fact that Mr. Bernake is taking the helm from Greenspan after a nearly 20-year tenure is the reason for the markets’ concern. IMO, Chairman Greenspan’s success was just another case of being the in right place, at the right time. Many fail to recall the tumultuous economic times when his reign began in 1987 as well as his role in the Crash and the US Dollar debacle.
The question for the upcoming months and years is whether Mr. Bernake is not as fortunate, and ends up in the wrong place, at the wrong time.
