Equity Markets Surge on Bullish Comments from Bernanke
U.S. equity markets surged to the upside following a strong opening on
bullish comments from Fed Chairman Bernanke.In a speech before other central bankers, Bernanke said the global
economy was emerging from recession.Thin conditions because of summer vacations and option expiration may
have helped contribute to the spike to the upside.Traders are a little pessimistic about this
market into the close as many feel the rally was overdone and vulnerable to a
September Treasury Bonds and Notes weakened
following Bernankeâ€™s positive comments and after the release of the better than
expected U.S. existing home sales report.Traders may be pricing in the possibility of the U.S.
leading the world out of the recession and being the first central bank to
raise interest rates.
The Euro opened the New York Session
sharply higher following the release of better than expected economic reports
out from France and Germany.The reports showed surprise
improvements in French manufacturing and German services.This news set the table for a spike to the
upside until Fed Chairman Bernanke declared that the U.S.
economy was on the verge of emerging from the recession.His statement sent the Dollar soaring putting
downside pressure on the Euro.
The Japanese Yen erased early morning gains
to post a loss at the midsession.Overnight the Yen was trading higher because of the reversal of the
carry trade following weakness in Asian stock markets.The surge in U.S. equity markets
and the thought of an economic recovery in the U.S.
encouraged traders to buy the Dollar and sell the Yen throughout this morningâ€™s
December Gold rallied sharply higher
following a weaker opening in the U.S. Dollar.Despite the intraday rally in the U.S. Dollar and equity markets, gold
was able to hold on to almost all of its gains.This could be because traders are thinking about inflation now that
Bernanke has just about declared an end to the global recession.
December Crude Oil is trading better at the
midsession but not as strong as one would expect following the news that the
global economy was emerging from recession.Demand is expected to increase as the global economy improves, but
todayâ€™s light advance could be an indication that the rally earlier in the week
may have been overdone.Crude oil did
hit a new high for the year, but the lack of follow-through to the upside led
traders to take profits and perhaps wait for a dip to buy.
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