USD Trading Outlook (29-08-2011)
U.S. Dollar Trading (US) the keenly anticipated Bernanke speech was the main event and although he did not mention QE3 the sharp sell off immediately afterward did not last. Bernanke talked up the FED having a range of tools to provide additional monetary stimulus and the stock markets ended up over 1% by the end of the day. In US stocks on Friday, DJIA +134 points closing at 11284, S& P +17 points closing at 1176 and NASDAQ +60 points closing at 2479. Looking ahead, July Pending Home Sales forecast at -1.5% vs. 2.4% previously.
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