- Bernanke: Fed will act if European crisis escalates
- DJ: IMF sees preliminary 37B euro bailout for Spanish banks
- Initial jobless claims 377K, as expected
- Canada IVEY PMI 60.5 vs 54.5 exp
- US consumer credit $6.5B vs $11B exp
- Merkel: it will take a few years to solve crisis
- Merkel: Germany ready to use existing instruments
- Cameron: Crisis needs urgent action
- Fitch to USA: You cut or we cut
- Fitch to Europe: Greece quits and we cut
- Fitch cuts Spain three notches to BBB
- Spain names Linde new central bank gov
- Fed’s Lockhart: More easing not needed at moment
- Gold falls below $1600
- S&P 500 flat at 1315
- GBP leads, JPY lags
The euro took a run at stops above 1.2625/30 before Bernanke but fell short. When Bernanke failed to promise QE3, the market bought dollars and the pair slipped to 1.2550. A second bounce also fell short of 1.2625 and the euro retreated to 1.2666 last.
I’m off tomorrow, I’ll be watching my brother Jenson. He’s in a little race here in Montreal
