Federal Reserve Chairman Ben Bernanke declard yesterday that the worst U.S. recession has ended, at least based on the numbers.

“From a technical perspective, the recession is very likely over at this point,” Bernanke told a conference at the Brookings Institution. But “it’s still going to feel like a very weak economy for some time.”

Bernanke added there is a risk that labor markets will remain weak through 2010 because growth will be too anemic to create jobs. Many economists now expect the labor market to recover slowly. But growth won’t be strong enough for unemployment to decline. In other words Unemployment will be slow to come down.

After acknowledging that economic forecasting most forecasters think economic growth in 2010 will be moderate because of “ongoing headwinds,” including financial and credit problems, sectoral adjustments in the economy, the desire of families to pay off debt and the need for the federal government to restrain spending.

Those declarations had a notable effect on the market todays as we see in the morning session the euro dollar pair is consolidating between 1.4685 and 1.4660 recording a low of 1.4662 and a high of 1.4700, having the 16 nation’s currency trading around 1.4675. Seeing the pair is having a support at 1.4615 along with a resistance at 1.4700. The euro zone’s CPI that will be released today may help the euro to gain if it showed an accelerating inflation.

Regarding the pound dollar pair, it declined recording a low of 1.6430 and a high of 1.6511, trading around 1.6455. Unemployment rate in U.K is on queue today and it is expected to pressure the pound to show further declines, especially that it is expected that jobless rate will incline to 8.0%.

Finally, the dollar yen pair gained recording a high of 91.15 and a low of 90.20. Today the U.S will release the CPI reading, industrial production and current account that may move the market on release.