Forex Flash: Bernanke speech eyed; USD risk skewed to fresh downward pressure - NAB (Barcelona) - The main event at the beginning of the week in global financial markets will be an address by Fed chairman Ben Bernanke speaking at the University of Michigan at 21GMT, NY close time.

NAB notes: "This is his first public address since the December FOMC minutes that sparked so much chatter and market volatility surrounding the possibility that the Fed could mark time on the current phase of its QE programme by year end."

NAB expects Bernanke's comments "to be directed at disabusing his audience that stropping balance sheet expansion as a prelude to commencing to take back policy stimulus are events that could be separated by years not months" the bank says. "If so, expect the USD to be subject to some fresh downward pressure..." NAB concludes.