Ben Bernanke speech drops EUR/USD market by 160 pips.

Yesterday, if I had stayed in my trade I would have made a profit. However, I thought the auto sales report that was due out that morning would catch me on the wrong side of the trade so I closed out my position at a $70.00 loss.

When I arrived at work, I seen the EUR/USD drop almost 150 pips. Why? The auto sales report was out already. What I didn’t know was Ben Bernanke, Chairman of the Federal Reserve was giving a speech in Barcelona, Spain at the International Monetary Conference.

This provided me with a valuable lesson. Know where Ben Bernanke is speaking at all times. Not even the dismal auto report had as much effect on the EUR/USD.