The dollar traded as low as 106.87 Japanese yen before recovering to 107.30 yen during yesterday's session.

The euro lower against the dollar today as markets were waiting for a speech by FED Chairman Ben Bernanke that could give information about further U.S. rate cuts. Euro bought $1.4649 in morning European trading while the British pound was at $1.9642.

Bernanke is scheduled to address the U.S. Congress' House Budget committee about the economy today, with analysts and markets looking for insights into what might be done to help the economy recover from the effects of a credit crisis.

Wall Street is expecting additional Federal Reserve interest rate cuts. The U.S. central bank has been cutting rates three times to 4.25 percent recently.

Lower interest rates can push a country's economy but may have bad effects on its currency as traders transfer money to countries where they can earn higher returns.

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Bernanke  Dollar  Euro  Federal Reserve  interest rate cuts  interest rates 

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