MORNING BRIEFING: The Euro continued rising against the US Dollar, registering a new high since for the year at 1.4600.

[RTFX-Trading]

MORNING BRIEFING: The Euro continued rising against the US Dollar, registering a new high since for the year at 1.4600.

What’s new:
United States: Obama asks congress to put their political differences aside to take action on reforming the health care system.
United Kingdom: Monetary Policy decision today.
United States: Beige Book shows signs of economic stabilization.
United States: Geithner declares that the American economy has begun to grow.
Moody’s: No major economy benefitting from the ‘AAA’ rating is threatened with downgrading.
United States: Treasury department declares that millions of evictions are still expected.
United Kingdom: Trade deficit is less than expected in July.
France: Noyer (BdF) declares that the recession is over, but not the crisis.
ECB: Trichet declares that the crisis is not over.

Today:


Overnight Rates and indices:
EURUSD: 1.4585 – 1.4543.
USDCHF: 1.0420 – 1.0390.
GBPUSD: 1.6566 – 1.6524.
EURJPY: 134.38 – 133.86.
USDJPY: 92.24 – 91.89.
DowJones: 9'547 +0.53%.
NASDAQ: 2’060 +1.11%.
S&P 500: 1’033 +0.78%.
Nikkei: 10'480 +1.64%.
Shanghai: 2'939 -0.23%.
Gold: $993.90.
Crude Oil: $72.20.
 
Comments:

Alan Greenspan, speaking on the first anniversary of the fall of investment bank Lehman Brothers, said that another international financial crisis is inevitable, "the crisis will happen again, but it will be different."

The US Treasury said yesterday that only 12% of American homeowners eligible for the Obama administration’s aid program got their loans refinanced. A Treasury official admitted that much remained to be done to soften the impact of the housing crisis.
   
Timothy Geithner, US Treasury Secretary, said that today, the US economy is growing again.

According to the "Beige Book", the US economy shows signs of improvement in late August, despite a sluggish labor market. According to officials of the FED, the recovery should be moderate due to high unemployment.

Good Day.

Emman Xuereb
RTFX Ltd
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