US Wrap Cap: Bernanke Speaks! Whoah!
Yes, the almighty voice of Fed Chief Ben Bernanke has some currencies shaking in their boots today. When The Fed Chief spoke about not lowering interest rates, and declaring that the stimulus package and recent tax breaks for businesses will help shape the US economy into a better frame. Everybody took a nice beating, at least one cent/yen/pence to the dollar. The Euro had it coming, and lost 2 cents before retracing and taking some back shortly thereafter. Now the EURUSD is going sideways at 1.5454.

OIL, Yes! The light sweet, but crude reality.
After Bernanke’s rant this morning, Not only the dollar sent a smack of rebellion to currencies worldwide, but Our favorite hydrocarbon du jour took a $3 plunge (ATTENTION Speculators: REALITY CHECK!) as well to $124.30. People can drive their SUV’s with a bit more assurance now.

WHILE ON THE SUV TIP….
GM and Ford both are having their days in the barrel, No pun intended. GM is planning to close 4 plants, and Ford has reported that sales of SUV and other gas guzzling delights have taken a crap in sales volume. Could we say FIRE SALE for that H2 you always wanted in gunmetal gray? I’ll be in line for that, but unfortunately I am so salivating over an X6. NEXT!

News To Look Out For Tonight!

Tonight is looking somewhat quiet in the news end of things. in less than three hours, England is pulling a late night with numbers on the Consumer Confidence Index. I am expecting a lower number for this indice.

For the morning in Sydney, we will get from them the Numbers from the Service Sector, and Gross Domestic Products quarterlies will be out shortly after that.

Let’s swing over to the Aussie’s next door neighbor, New Zealand and shortly after lunchtime we will see the ANZ’s monthly Commodity Price Index. This will be the barometer for inflation in New Zealand, measured by 17 core commodity exports.

Last but not least, Tokyo is going to release numbers on Capital spending in a few hours. This measures the amount of funds that businesspeople in the private sector spend. The forecast is looking at -9.6%.

Otherwise, it is a quiet newsnight.

Have an awesome sleep for those on my side of the Pacific. Other wise good morning! and I will wake up with the fellow europeans to report numbers and newstuffs!

TRADE ON!
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Bernanke’s news is still reeling through the currency markets, but the decline of automotive sales are hurting the Dow. After Bernanke’s statement about not cutting any more interest rates, and concerning the core focus of the Fed, the Dollar has owned quite a few currency crosses, namely the Euro with a 2 cent recovery to 1.5405 before slightly giving back. The EURUSD is now in a sideways pattern

mixed news on the US end, Wall Street is slightly plunging.
Factory Orders is up 1.1%, but traders are still reeling from the bernanke speech. Ford and GM are talking plant closures and declining truck and SUV sales.

So, Tom, what about the rest of the world?
That was covered earlier this morning with the 8-9 North American Market open. Wait for the recap in a few hours.

TRADE ON!
Thomas Howell
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Good morning!

as I am writing this Market Cap, Ben Bernanke has said some positive comments on the dollar, and across the board, everybody just stopped what they were doing and started buying the dollar.

The US fed chief has commented on the current situation of the dollar, and has admitted that they are not happy and that now bringing the dollar back is there core focus.

So the EURUSD took a nose dive from 1.5601 to 1.5440. My question is, how much longer with this dollar rally last? With Factory orders, Domestic Car Sales Numbers, and TAF Summaries due out, This could be a long strange trip for the greenback.

Let’s go over the Euro session so far….
IN EUROPE… The PPI Index has came in right at forecast level, and the GDP was above expectation on the good end of thing, but that couldn’t hold off the dollar from having a remarkable 150 pip rally after Fed Chief Ben Bernanke’s words motivated banks and many more to buy the dollar!

Be back in a while to report the numbers at noon!

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Good morning to those in Europe and Britain. It is time to rise and get to some great trading!

First of all, let’s get the news to conclude the Asian trading day…

Quick note from Japan… The Monetary Base was spot on on forecast, taking other currency crosses for a ride of at least 75-100 pips. The Pound got really hurt and dropped from 208.60 to 204.62 and still is declining at this moment. I think London will wake up with a small headache with this.

All of the numbers from Australia came out in positive fashion, as the Cash Rate was spot on, and Building approvals were well over expectation. at writing, the AUDUSD was relatively sideways at .9545, which the EURAUD cross have some greatly volatile waves in range of around 70 pips, hanging in there at 1.6290, might be something to look at on the scalping range.

While we were writing, the Swiss had some good news with the CPI staying around .8%, helping the Franc beat back the Euro, and Pound.

OIL! What is the word on my Sweet Crude Oil?
Right now, that Sweet oil that powers up everything from Cars, to making plastic bags for sandwiches and storage containers went up a wee bit to $127.40 a Barrel.

NEWS ITEMS TO WATCH OUT FOR IN EURO/GBP SESSION:
Ok Folks, I’ll lay it out per country:

ENGLAND:
Within a couple of hours, not too much after opening, You should get some numbers on Construction Indices. Just like with the Manufacturer’s Index from yesterday, it would combine employment, supplies, new orders, and inventories, and blend them into a number either nice or not so nice.

We are still waiting for those numbers from Halifax on House Finances.

EUROZONE - 13:
Expect numbers to come out on PPI and Revised Quarterlies on Gross Domestic Product. Later on today we should hear some verbage from ECB President Trichet as well.

There is your Numbers to look for this morning.
TRADE ON!

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