Hi there
Today in Brief
Dollar is lifted again in early US session after Fed Chairman Bernanke said that the central bank may extend lending to securities dealers into 2009. The messages from Bernanke eased some of the fear of further problems from credit crisis and helped dollar recovers after it's was hammered following news that Fannie Mae and Freddie Mac, the two largest U.S. mortgage financers, may have to raise $75 billion in capital. The Japanese yen also gives up most of the gains. But after all, markets are still lacking a clear direction in near term and will probably need to wait for Bernanke to speak again on Thursday in a testimony before House Committee.
Data released in US saw pending home sales dropped more than expected by -4.7% mom in May. Wholesale inventories rose 0.8%. UK DCLG house price released earlier slowed from 4.9 to 3.7% yoy growth, but was above expectation of 3.3%. Japanese economic watch DI dropped to 29.5 in Jun, above expectation of 31. The National Australia Bank's index of overall business conditions shed 7 points in June to 0, the worst reading since late 2001. Business confidence dropped further from -4 to -9.
Good trading
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