[FED CHAIR BERNANKE] is telling his audience

	[FED CHAIR BERNANKE] is telling his audience that the US economy is entering a "period of transition" and that a moderation of growth seems underway. Consumer spending is slower and the housing market cooling. Meanwhile, business investment has been "brisk" this year. As regards inflation, he says the FOMC will assure that the recent rise is "not sustained" noting that core inflation is at the upper end of its acceptable range. Bernanke's description of the "transition" does not offer any clear hints as regards policy, but certainly leaves the way open for a pause. Moderating growth allows for that, with the Fed close at hand to ensure inflation doesn"t get out of hand. He works in a mention of taking account of "lags" which is also a "pause" element.

	The [USD] is modestly firmer in the wake of Fed Chairman Bernanke's comments (18.21GMT), and US Treasury yields ticking higher and pricing in a rate hike for June 29 more firmly may begin to have a greater impact. [USD/JPY] remains locked in narrow ranges, sovereign demand around the 111.43 low earlier providing a prop for generally soft Usd sentiment and shielding stops reported to lie under 111.40 and then again under 111.20. Good offers were noted earlier from US and Swiss names around the highs, and many players will be looking for fresh Usd sell re-entry points given the overall soft US outlook. Short term, stops are likely above 112.00, with next offers in the 112.40 region.

	Good!But I do not know English.Thank you very much! Do you speak in Chinese?