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Dollar Surges as Bernanke Sparks Carry Trade Plunge; Rupee Falls

The U.S. currency strengthened versus all of its 16-most-traded peers and Deutsche Bank AG’s G10 FX Carry Basket index fell to the lowest level since October as Fed Chairman Ben S. Bernanke yesterday outlined the case for reduced monetary stimulus this year if the U.S. economy keeps improving. India leads carry losses among the 31 most-traded currencies versus the dollar this month with a 4.8 percent decline while its central bank likely intervened to protect the rupee.

“The market is in a shoot first and ask questions later kind of a mode, and you see massive dollar strength, unwind of carry trades.”

http://www.bloomberg.com/news/2013-06-19/dollar-remains-higher-before-u-s-housing-manufacturing-reports.html

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