Major Pairs Retrace The Dollar’s Moves During The U.S. Session
Major Pairs Retrace The Dollar’s Moves During The U.S. Session
Overall, the dollar strengthened during the European session, as the S&P futures moved lower, towards the 930.00 support area. While the S&P futures managed to find a bottom somewhere near the U.S. open, the major currencies started to retrace most of the declines seen earlier in the day, and formed a number of pattens on the 4 hour and daily charts, which may suggest that the current downturn has hit its bottom. As a note, every major pair except for the yen tested the 20-day moving average on Monday.
Dollar Declines On Risk Tolerance
Dollar Declines On Risk Tolerance
Overall, the major currencies surged against the dollar as investors are again thinking that the global economy is heading towards recovery. This, in turn, has investors dropping their U.S. dollar denominated assets in the favor of higher yielding assets, denominated in foreign currencies. The currency market may test the highs reached at the beginning of June, as the dollar’s outlook lies to the downside.
Geithner Testifies as 10 Banks Receive Approval to Repay TARP Funds
Geithner Testifies as 10 Banks Receive Approval to Repay TARP Funds
Geithner testified before the U.S. House Panel today over the recent developments surrounding the U.S. economy and the Treasury’s actions, while also announcing that 10 of the largest U.S. banks received approval to repay Troubled Assets Relief Program funds after meeting the requirements.
JPMorgan Chase, Goldman Sachs, and Morgan Stanley are among 10 banks that were approved to repayment of TARP funds today according to the U.S. Treasury, as all 10 banks combined will pay back $68 billion in total, the repaid money will be added to $1.8 billion of dividends paid so far by those 10 banks.