Jobs In Focus!
By Mike Conlon | August 4, 2010
This morning, the markets were still reeling a bit from yesterday’s pullback, but the ADP employment change figures came in showing a gain of 42K jobs vs. an expectation of a 33K gain. This caused the market to flip, and risk-appetite appears to be increasing as we head into the stock market open here in the US.
This comes after an interview yesterday with Treasury Secretary Geithner, where in an obvious CYA move, stated that the employment picture may get worse before it gets better. He is due to speak again later today.
Overnight, PMI figures in the UK and the Euro zone came in slightly less than expected, ahead of tomorrow’s interest rate policy meetings for each. Neither is expected to move on rates, though the UK may be more ready to return to normalized policy.
Home prices in the both the UK and Australia came in higher than expected showing signs that prices may be heading higher which could be an early warning sign of inflation. The RBA will be releasing its quarterly monetary policy statement tomorrow as well.
Lastly, the market is waiting for Friday’s Non Farm payrolls report, which will be a truer measure of jobs growth here in the US. Initial jobless claims come in tomorrow, followed by NFP on Friday.
In the forex market:
Aussie (AUD): The Aussie is higher this morning as home price figures and trade balance figures came in better than expected. In addition, the ADP jobs report helped buoy risk appetite.
Kiwi (NZD): The Kiwi started the morning lower on Asian stock market weakness overnight, but is retracing losses as risk appetite is increasing this morning. Tomorrow NZ will report its unemployment rate, which will show the health of the economy.
Loonie (CAD): The Loonie is mostly higher on risk appetite as well, and Friday’s jobs report is expected to show seven straight months of jobs growth. In addition, oil is hovering around 82.50, near recent highs.
Euro (EUR): The Euro is slightly lower after PMI figures and retail sales numbers came in slightly lower than expected. This comes ahead of tomorrow’s interest rate policy meeting, which is expected to yield no change. On a positive note, Portugal got off a debt issuance without a problem.
Pound (GBP): The Pound is also lower to start the day as PMI figures came in lower than expected. However home prices came in higher than expected, which could cause the BOE to relax statements about stimulus and begin to foreshadow a return to normalized monetary policy. The market is not expecting a rate change.
Dollar (USD): The Dollar is mostly lower as risk appetite is increasing after the ADP jobs report showed a better than expected gain. This helped turn equity futures from negative to positive, and perhaps the resumption of risk-taking may occur going into Friday’s NFP number.
Yen (JPY): The Yen started the morning showing strength as the Nikkei and other Asian stock markets sold off after yesterday’s pullback in US stocks. However, the Yen is giving back gains as risk taking and demand for carry trades picks up.
This week, it’s all about jobs. In fact, it is ALWAYS going to be about jobs. If people aren’t working, then they aren’t spending which ultimately will drag the economy lower. Reports of the profligate and wasteful spending of the stimulus program intended to keep unemployment below 8%– how giving monkey’s cocaine will help people get jobs—have showed to be an unmitigated disaster.
In addition, corporations with plenty of cash in the bank are doing nothing with it at this point as the uncertainty over current economic policies and taxes prevents action. Meanwhile, our Treasury Secretary all but admits that the jobs figures could get even worse; even though he claims recovery (read article) is taking place!
Talk about speaking out of both sides of his mouth! Yet this should come as no surprise to anyone as this has become par for the course. Friday’s NFP figures will show how far along we are in recovery, and I’m sure there is already spin put in place to respond to any possible reading.
Either way, don’t be surprised to hear that he told us so! Gee, thanks Tim!
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Suspend Your Disbelief!
By Mike Conlon | July 26, 2010
One of the things I mentioned on Friday with regard to the European bank stress tests is that they had to be believable. The results came in on Friday and by and large were viewed as positive by the market. There was some interesting volatility in the forex market, as the news trickled in and was digested.
But the question remains, can we really believe those results? Only 7 of the 91 banks tested need to raise more capital, and none of the banks were deemed likely to fail. This has left many questioning the methods used to test, and the assumptions made to show banking strength.
So what this all really comes down to is whether or not confidence has been restored to the marketplace. Officials have been trumpeting the results and are attempting to move forward from the tests, claiming the exercise a success. Only time will tell if this is the case.
On our side of the pond in the US, we have a similar crisis of confidence taking place. Investors are clearly not enamored with the prospects of the US economy, yet officials here will tell you otherwise. The 10-year Treasury note is currently under 3%, so the talking heads will tell you that it is a “success” that we are able to issue debt with such low rates of interest.
Treasury Secretary Geithner has told us that it is confidence in the US economy that allows this to happen; however, I think otherwise. The fact of the matter is that the US is “the only game in town” at this point, with so many other economies depending on US economic strength or having issues of their own. This is another case of the US winning the “least ugly” prize in the global economic beauty pageant.
How much longer this charade will continue is anyone’s guess; but the little time we have been afforded by European weakness is bound to expire with every passing day that we don’t fix the economic ills that plague the US. But one thing is sure; the Dollar is weaker this morning as everyone has caught on to the ruse.
In the forex market:
Aussie (AUD): The Aussie is lower this morning as PPI figures came in much lower than expected. The PPI gained .3% vs. an expectation of .8%. The true tell-tale will be Wednesday’s CPI figure, which if higher than expected would show the need for further rate hikes going forward. Should the number come in closer to the PPI data, then the chance of further rate hikes would be greatly reduced, which could put pressure on the Aussie.
Kiwi (NZD): The Kiwi is mixed this morning trading higher against the other risk currencies on interest rate differential speculation and US dollar weakness, but lower vs. Yen and Euro. Wednesday evening will bring the RBNZ rate policy meeting and at this point the expectation is for a 25bp hike.
Loonie (CAD): The Loonie is also mixed as oil is lower to 78.25, but still near recent highs. Dollar weakness is not the dragging the Loonie lower as might be expected and Canadian bankruptcies fell 9.2% showing that the economy may be on better footing.
Euro (EUR): The Euro is also mixed as the market is trying to decide what to make of the stress tests. Obvious US dollar weakness has contributed to its strength and should the market decide to move past the stress tests, then CPI and employment figures later this week will come back into focus.
Pound (GBP): The Pound is higher across the board in a continuation of last week’s gains despite the fact that housing price figures fell for the first time in nearly 15 months. This is the sort of news the BOE is hoping for, as rising inflation could equal rate hikes in an uncertain economic climate curtailed by fiscal austerity.
Dollar (USD): The Dollar is lower across the board. Some of it risk appetite, some of it due to lousy economic policy. There isn’t much that could happen here in the US to make me positive on the Dollar, so watch risk around the globe as that may be the only driver of dollar strength as a safe-haven asset.
Yen (JPY): The Yen started out the morning higher but is giving back some gains as risk appetite may be gaining traction. Part of this is Dollar weakness, the part being tacit acceptance of the Euro bank stress tests. Later this week Japan will report CPI data which is expected to show continued deflation. The question will be whether or not deflation is slowing or what, if anything, the BOJ and government intend to do about it.
Part of financial market participation requires a suspension of disbelief and an acceptance that things may not always be as they seem. I tell my mentor clients all of the time: the purpose of investing in markets is to make money, not to always be right.
So while I may disagree with the way things are going or with the “truth” as it is reported, I am always willing to put my personal feelings aside and to join in with market to reach my end goal: making money. It doesn’t make sense to fight the market as “the market can stay irrational longer than you can stay solvent”.
This was one of the first mantras drilled into my head as I began my trading career, and now more than ever do I realize its truth. I hope you do as well.
To learn more about how you can take advantage of world events through the currency market, be sure to check out our currency trading courses!
To follow these events live with a free, real-time practice account, click here! Don’t miss out on the world’s fastest growing market!
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Consumers Disappoint!
By Mike Conlon | June 11, 2010
Well so much for that. US retail sales figures disappointed this morning, coming in at a loss of 1.2% vs. an expected gain of .2%. While these numbers show that economic recovery is still fragile here in the US, much of this can be attributed to the lack of hiring by businesses. In addition, this also shows that households are saving more which may not be a bad thing, and much of the decline was in big ticket items as the economy prepares for the retraction of stimulus measures.
Across the pond, the UK reported worse than expected industrial production figures, sending the Pound lower across the board. This further adds to the fears that the UK may be facing a protracted slowdown as they attempt to control their budget deficits.
On a somewhat related note, US Treasury Secretary Geithner has turned up the heat on China. He has come out and said that the Chinese exchange-rate policy (and Yuan peg to the dollar) is preventing a balanced global recovery and causing inflation in China. Official reports showed an increase of 3.1% in consumer prices, the fastest rise in 19 months. In addition, Chinese workers are striking demanding higher wages as inflation heats up.
So this morning we are seeing some mild risk-aversion, as the Friday “unwind” occurs as traders are still hesitant to go into the weekend holding risk assets, with potential Euro landmines the primary fear driver.
In the forex market:
Aussie (AUD): The Aussie is lower this morning on risk aversion and a technical pullback after yesterday’s good economic news from the Pac Rim countries. Uncertainty over whether or not China will do anything to cool inflation has contributed to Aussie selling.
Loonie (CAD): The Loonie is lower on risk aversion, despite the fact that industrial capacity showed the largest increase on record. The Loonie has been higher lately as oil has been higher, though it is pulling back from $75 this morning. Oil will be a major factor going forward, as a potential moratorium on drilling offshore in the US is in the works due to the political backlash of the BP oil spill.
Kiwi (NZD): Despite the risk in the market, the Kiwi is higher across the board due to yesterday’s rate hike, though that could change by session end. Digestion of the economic reports show that NZ could be in for a series of rate hikes through the rest of the year as accelerating growth could push inflation much higher.
Euro (EUR): The Euro is lower also on risk themes, and the “Friday unwind” may be still be causing investors to ditch Euros over the weekend as risk fears still permeate the market. However, policy-makers in Germany raised their economic outlook for GDP higher. Still the looming threat of debt problems keeps investor cautious for now.
Pound (GBP): The pound is lower across the board as manufacturing weakened in the UK and fears that the economy may not be on sound enough footing to handle expected government fiscal belt-tightening. This comes even as a UK survey of consumer’s inflation expectations reached its highest levels in over 6 months. This may be a case of, “the consumer is not always right”.
Dollar (USD): Disappointing US retail sales figures have sent the dollar higher as risk aversion has picked up going into the weekend. However, the decrease wasn’t broad-based. The largest decreases were in building materials stores and auto sales. This comes ahead of the end of the home buyer tax credit, so it probably should have been expected. Households are saving more as the employment picture is still grim, and unless the government does something to encourage private business to start hiring, the retraction may continue.
Yen (JPY): Good gains in the Asian stock markets overnight pushed the Yen lower, though it is rebounding and has gained strength due to the unwind of carry trades as traders dump their risk assets for the weekend in favor of the safe haven the Yen provides. The Dollar and Yen are just about flat today vs. one another.
Today is an example of how bad government policy can distort economic figures and get everyone “drinking the Kool-Aid”. It should come as no surprise that retail sales are down as government stimulus measures are retracted, yet they fall for it every time.
The bottom line is jobs. Period. Not temporary census workers, not more bloated government bureaucracy, but jobs from the private sector. American consumers have finally woken up to the fact that you shouldn’t be spending money you don’t have, especially if you can’t get a job to afford stuff.
That game had gone on for way too long, and it is amazing to me to see some the debt levels people carry.
So what does the government do to help create jobs? Nothing. They hand out government cheese to keep the masses at bay and create a hostile environment for business through the threat of increased regulation and higher taxes. If you were an employer, would you be hiring?
Heck no!!!
And until hiring picks up again, expect the economy to drift downward as consumers lose faith in the recovery. And if consumers, who represent some 70% of US GDP, continue to save and not spend, then we could see a potential deflationary spiral as demand dries up.
This could lead to the dreaded “double-dip”. Not a pretty picture in my eyes. The only double-dip I want to see is in an ice cream cone!
To learn more about how you can take advantage of world events through the currency market, be sure to check out our currency trading courses!
To follow these events live with a free, real-time practice account, click here! Don’t miss out on the world’s fastest growing market!
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Who’s Buying?
By Mike Conlon | June 7, 2010
The market starts out his morning in “relief mode” as there was no negative news related to the European debt crisis released over the weekend. The G-20 met over the weekend to discuss global economic challenges going forward and appear to be divided over what is the best course of action to resume growth.
The general consensus is that every region around the world is going to try to export their way to growth; however, some regions will have distinct advantages over others due to currency valuations. With different countries trying to devalue to encourage exports, the race to the bottom will leave some out in the cold. However, US Treasury Secretary Geithner said that the world shouldn’t count on the US consumer to drive growth and that individual countries need to stimulate their own demand.
This is basically the Chinese model, as their peg of their currency to the US dollar provided them with artificially low valuations which allowed them to experience exponential economic growth through exports. If China is unwilling to allow their currency to float freely in the market, then the world economic balance will be out whack with some countries unable to recover.
The same could be said of Germany, who was able to experience competitive markets due to the having the same currency valuation as other nations of the EU. Allowing the weaker EU nations to borrow excessively benefitted German exports to the region.
Now, Germany stands poised to experience even further growth of exports, as the Euro is weaker making German products cheaper to the rest of the world. As I’ve mentioned before, a weaker Euro is good for Germany. As a result of the recent sell-off in the Euro, Germany reported a growth in factory orders of 2.8% vs. an expectation of a decline of .4%.
However, the question remains: Who’s buying? If world consumer demand decreases due to a lack of credit availability and austerity measures, who is going to lead world recovery?
In the forex market:
Aussie (AUD): The Aussie is trading higher this morning after opening lower from Friday’s close due to some risk fears abating. So the Aussie is still lower. European debt fears and G-20 differences of opinion are contributing to risk sentiment.
Loonie (CAD): The Loonie is higher this morning on oil price recovery to 71.5, but is weighed by overall risk in the market, particularly Euro-related.
Kiwi (NZD): The Kiwi is trading similarly to the Aussie.
Euro (EUR): The Euro is trading higher off of lows of just below 1.19 in the overnight session. A lower Euro lower is just what the Euro zone economy needs, as evidenced by the increased factory orders number in Germany. However, the ongoing debt-crisis is the elephant in the room and further problems will only drive the Euro lower, faster.
Pound (GBP): The Pound is higher despite new UK Prime Minister Cameron’s comments that the UK deficit situation is worse than feared. This will mean severe budget cuts and the potential for higher taxes, however the thing that must be remembered about the UK: at least they’re not in the EU!
Dollar (USD): The Dollar is lower as risk fears are lessening to start the week. In the familiar pattern I’ve mentioned time and time again, the Dollar starts the session higher then gradually loses value throughout the US trading session as the potential for market-moving news out of the EU lessens as their trading day comes to a close. US retail sales figures are due out on Friday on a week that is pretty devoid of economic news.
Yen (JPY): It’s official, former finance minister Kan is the new Japanese Prime Minister, and his weak yen policies are intended to stimulate economic growth and help the Japanese stocks. Nevertheless, the Yen traded at an 8-year higher vs. the Euro as risk aversion spurred demand. Japanese trade balance figures are due out tomorrow followed by GDP figures on Wednesday.
Every day the markets can make it through without a landmine going off in Europe is positive. Global recovery is still a long way away and you can now see how global cooperation is going to be needed going forward.
The markets of the past have created great imbalances, and those who benefitted in the past are reluctant to change for the future.
I expect the markets to continue to chug along, with the Euro continuing to decline in value over the course of time. This decline can and will be accelerated by any problems related to the debt crisis. Whether or not this crisis will be managed effectively remains to be seen.
So there is still considerable risk in the market, and don’t lose sight of that even if we see some decent economic reports from around the globe.
To learn more about how you can take advantage of world events through the currency market, be sure to check out our currency trading courses!
To follow these events live with a free, real-time practice account, click here! Don’t miss out on the world’s fastest growing market!
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A Perfect Storm!
By Mike Conlon | May 25, 2010
World financial markets are facing a “perfect storm” as a combination of geo-political and financial uncertainty is driving risk-aversion. The first issue is coming from the Euro zone as Spain seeks to shore up its banking system. A series of banking mergers aimed at pairing weak banks with stronger ones has caused investors to fear that indeed contagion from the debt crisis has taken place.
Secondly, news out of Asia that N. Korea may have been responsible for the sinking of a S. Korean vessel has heightened political tensions in the region. Whether or not there will be consequences remains to be seen but N. Korea has been known to make idle threats which are intended to destabilize the status quo.
Lastly, news out China that Secretaries Geithner and Clinton are making headway with the Chinese regarding Yuan revaluation may be picking up has brought further uncertainty to the marketplace as there is no telling what the lasting effect may be IF such actions were taken.
This all adds up to MAJOR risk-aversion in the markets in a continuation of yesterday’s selloffs and flight to safety. Libor rates (the rates at which banks lend to one another) have increased to levels last seen during the initial banking crisis here in the US from 2008. Both Asian and European stock markets have sold off to the tune of 2.5-3%, and both gold and oil are trading lower.
In the forex market:
Aussie (AUD): The Aussie is lower on risk aversion. While the economy in Australia has been strong, the unwinding of carry trades has punished the Aussie dragging it down to 10-month lows. Should China effectively attempt to slowdown its over-heating economy, the economic situation in Australia could change dramatically for the worse.
Loonie (CAD): The Loonie is also lower this morning, taking cues from oil prices which are below $68. Economists are still predicting a rate hike at next week’s rate policy meeting, though global economic uncertainty may derail that plan. However, since the Loonie has been beaten up by risk-aversion, this may actually be a good time to sneak in a rate hike that won’t strengthen the currency too much.
Kiwi (NZD): Same deal for the Kiwi; risk aversion dragging it lower. The RBNZ reported its 2-year inflation outlook that was largely in line with expectations.
Euro (EUR): First Greece, now Spain. The moves taking place in Spain’s banking system have put investors on high alert, though it must be noted that Spain has not sought out any assistance as of yet. File this under the, “where there’s smoke there’s fire” sentiment. In the meantime, Industrial orders in the Euro zone were higher showing signs that they are benefitting from a weaker Euro. Stay tuned.
Pound (GBP): UK GDP figures came in largely in line with expectations, indicating that the UK economy grew .3% in the last quarter on the back of the highest manufacturing gains seen in 4 years. The Pound is still vulnerable to any fallout from the Euro debt crisis, but BOE policy-maker Posen said that the UK was at a low risk of experiencing the type of economic stagnation that plagued Japan in there “lost decade”.
Dollar (USD): The Dollar is higher as the rush to the flight to quality is in full effect. Yesterday, existing home sales came in better than expected, but it was not enough to reverse losses. Later this morning, we are going to get consumer confidence and the home price index which will show whether or not a consumer-led recovery may be taking place.
Yen (JPY): The Yen is the best performer this morning as the un-wind of carry trades has increased demand. In addition, a sell-off in Japanese equities has also increased yen demand as the yen experiences a similar correlation to its stock markets as in the US. As tensions heat up in the region due to N. Korea, people forget that almost a year ago, N. Korea fired off nuclear test missiles in the direction of Japan. They are a major destabilizing force in the region and the former policies of trying to appease and placate them may have run its course. The yen is fast approaching its 2010 high vs. USD, just above 88.
I call what is taking place in the markets right now the “perfect storm” because there is much uncertainty due to events that can’t be quantified. It is one thing when there is bad economic data for a region or two; however when there are political threats that could potentially cause a war, all bets are off.
And while N. Korea has been known to posture and bluff its position in order to gain, this time it could be different. No one wants to see military action in the region, but N. Korea is such a wild card that no one knows what to expect.
In addition, world recovery has pretty much been driven by Chinese demand and should they slow down, it could affect the nations which have been experiencing economic recovery.
Oh yeah, don’t forget about potential sovereign debt contagion in Spain, which could potentially be a MUCH larger problem than what was seen with Greece.
Meanwhile, everyone rushes to the safety of the US dollar and Japanese yen and both countries government bonds as it is better to earn almost no interest than to lose out entirely.
Are we having fun yet?
To learn more about how you can take advantage of world events through the currency market, be sure to check out our currency trading courses!
To follow these events live with a free, real-time practice account, click here! Don’t miss out on the world’s fastest growing market!
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Is Spain Next?
By Mike Conlon | May 24, 2010
Over the weekend, the Euro debt crisis took an unexpected turn for the worse as the Spanish central bank took over a savings bank after a planned merger had failed. While in and of itself this is not a big deal, viewing it through the context of overall EU financial health has made the bounce in the Euro short-lived. The Euro is lower again to start the week, as last week’s short-covering rally has been reversed and the longer-term trend for the common currency is still down.
There’s not a ton of market-moving news on tap this week, with GDP figures due out from the UK tomorrow and the US on Thursday. Other than that, there are some smaller events that will provide color to the overall economic picture which will either help re-affirm or correct market sentiment.
Perhaps the biggest news is that US Treasury Secretary Geithner is in China and is advocating that China adopt a more free-floating currency. Because of the Yuan peg to the US dollar, China has been allowed to experience very rapid growth through artificial means that have allowed their goods to remain cheaper around the globe. However, with the crisis in Europe looming, US dollar strength could cause Chinese Yuan strength via the Dollar if the Euro continues its slide. With European austerity measure taking place (Germany included); this could slow world demand which would slow China’s growth as well.
So while there have been some “clues” that perhaps China is ready to make changes to Yuan policy, I’m not certain it will take place if their economy slows due to slower exports as a result of a strong dollar buoyed by risk-aversion and global austerity.
This all adds up to risk-aversion in the market today in a continuation of the major trends, but it’s possible that we could see a reversal as US markets open for the week.
In the forex market:
Aussie (AUD): The Aussie is lower on risk-aversion as fears out of the EU and a potential slowdown in China are reducing demand for higher-yielding assets. The Aussie is the worst performer this month, down some 10% vs. the US dollar as risk aversion has dominated the marketplace.
Loonie (CAD): The Loonie, on the other hand, is showing strength this morning as oil is back in the $70 range, showing signs that we may get a reversal this morning. The Loonie is not really a carry trade destination as it doesn’t provide the yield differential of the Aussie or Kiwi; however it is affected by commodity prices (particularly oil). The Canadian rate decision is due out in early June so there still is some speculation that they could be the next to hike.
Kiwi (NZD): The Kiwi is lower for the same reasons as the Aussie, getting hit a bit harder as it does not have as great a rate differential as the Aussie. Same risk, less reward. However, should the markets begin to stabilize, then we could see the Kiwi move faster to the upside.
Euro (EUR): The Euro is lower as the bank of Spain took over a regional lender causing investors to question whether or not the debt crisis is spreading. There has been a major property bubble in Spain so many banks are holding bad debt which could come to the surface if Spain needs to access the bailout money to stabilize its banks. In addition, Germany has adopted its own austerity measures, essentially trying to lead by example. Considering that the market is looking for any excuse to sell the Euro, expect the longer-term downtrend to continue. The Euro is lower across the board.
Pound (GBP): The Pound is lower this morning going into tomorrow’s GDP reading as the UK is walking a fine line between trying to grow its economy without incurring inflation, and cutting its public debt. The new government announced 6 billion Pounds in spending cuts in hope of sending a “shock-wave” through government departments. While not an enviable position to be in (although EU members may disagree), the government feels these actions are necessary to avoid its own sovereign debt crisis.
Dollar (USD): The Dollar has been higher on risk themes, and US existing home sales are due out later this morning. Consumer confidence figures are due on Tuesday, followed by US GDP on Thursday. These figures will show whether or not the US economy has been jump-started enough to sustain recovery in light of the EU debt crisis and could send fears of further problems down the road. Expect the Dollar receive support through flight to safety trades if risk-aversion remains high.
Yen (JPY): The government in Japan said that the economy is picking up steadily leaving its assessment unchanged for a second month in a policy statement today from its monthly economic report. However, growth in Japan has been driven by world demand and stimulus measures, so it is not a self-sustained recovery. Like the Dollar, expect the Yen to trade on risk themes until at least Thursday, when a slew of economic data points are due out.
Will overnight risk be counter-acted by the US markets today? Stock markets are opening lower, though commodities are trading higher. Risk in the overnight session can sometimes be overcome by decent news from the US. Existing home sales could be that number if they come in better than expected.
So while the overall mood of the market has been risk-aversion for some time, any pockets of economic strength could help stabilize the situation and perhaps show signs of recovery.
Until that time, expect continued selling of the Euro which will have an effect over all other markets as historical correlations begin to break down.
To learn more about how you can take advantage of world events through the currency market, be sure to check out our currency trading courses!
To follow these events live with a free, real-time practice account, click here! Don’t miss out on the world’s fastest growing market!
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Don’t Forget: Existing Home Sales Come out at 10am EST Today!
By Sean Hyman | March 23, 2009
Existing Home Sales out at 10am EST!
Last time there were 4.49 million homes sold. The expectations for today’s reading is for 4.45 million homes to be sold. See where the numbers come in at on: http://www.forexfactory.com or http://www.dailyfx.com .
This housing number could greatly affect the U.S. dollar.
Also, Tim Geithner is speaking right now too. So be watching for what he says. A lot of times, you can pick up what he’s saying on marketwatch.com under their headlines section: http://www.marketwatch.com/search/default.aspx?mktwd=0&otherd=0&query=1&s0=&i0=5&tab=0&d=954219924.954211799&sd=633733959600000000&ed=633733924200000000&close=&y=83&__EVENTTARGET=SearchButton&__EVENTARGUMENT=&__LASTFOCUS=&ft=0&__VIEWSTATE=&adv=1&subi=5&_ctl84=Enter+Symbol(s)+or+Keyword(s)&SearchType=search&value=U.S+Treasury&mode=Keyword?=RealTime+Headlines&ex=&rpp=50&cs=on&emm=mm&edd=dd&eyy=yyyy
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