Bernanke, but I didn't see any gaps, are you sure it wasn't just your charts?
Also....
....the U.S. currency recovered against the euro after higher than expected German PPI data.
Gold prices fell nearly 8 percent last week as investors sold the precious metal to cover losses on the equity and other markets, and as oil prices slipped and the dollar stayed firm.
Some traders also said the payout on failed Lehman Brothers' credit default swaps on Tuesday may have prompted some dollar-buying and had become a factor late in the session.
NEWS
- Fed's Bernanke says another wave of government spending
may be needed, explicitly endorsing second stimulus package for
first time
- The three-month Libor rate falls most in single day since
January
- U.S. stocks up more than 3 percent, European stocks close
nearly 4 percent higher
- European banks line up to tap state rescue packages
- Canada to announce measures this week to help domestic
banks keep up with foreign competitors that are benefiting from
government bailouts and guarantees
QUOTES
- "With the economy likely to be weak for several quarters,
and with some risk of a protracted slowdown, consideration of a
fiscal package by the Congress at this juncture seems
appropriate," - Bernanke told a congressional panel.
- "There's a perception that the credit squeeze could be
beginning to abate thanks to measures from global authorities
over the past few weeks." - Philip Shaw, chief economist at
Investec.
- "It is likely to take multiple years to repair the damage
that has been done. This is not going to get better in three to
six months." - John Thain, Merrill Lynch chief executive.
- "Our purpose is to increase confidence in our banks and
increase the confidence of our banks, so that they will deploy,
not hoard, their capital. And we expect then to do so, as
increased confidence will lead to increased lending," - U.S.
Treasury Secretary Henry Paulson in statement
COMING EVENTS
TUESDAY
- Canada central bank key policy interest rate
announcement
- Consumer price inflation in New Zealand
WEDNESDAY
- Japanese trade data for September.
- Bank of England publishes minutes of policy meeting.
- Swedish central bank meets on monetary policy.
