This past week was a roller coaster ride in the currency markets, and it sure ended with a bang. I’ll get to the big news in a second. And I’ll also tell you what to make of this market.

But first, I want to do a quick day-by-day rundown of what happened in the currency markets …

Tuesday:

Ben Bernanke revealed new concern over inflation and spoke directly about the weaker dollar.

Knee-jerk reaction in the currency markets: The dollar jumped.

Thursday:

European Central Bank President Trichet signaled interest rate hikes may come as early as July.

Knee-jerk reaction in the currency markets: The euro soared.

Yesterday:

U.S. Non-farm Payrolls were reported down 49,000 (better-than-expected) for the month of May. But U.S. unemployment leapt by half a percentage …