GO Markets - FX Market Commentary

By Chris Gore
16 November 2009 @ 06:04 pm EDT

Dollar weakness persisted in overnight trade with the balance of risk in favour of higher yielding currencies, stocks and commodities. US Retail Sales for October also posted solid results with an increase of 1.4 percent from the previous month, well above the consensus of a 0.9 percent rise. Gold continued to surge hitting all time highs of US$1,143.00 an ounce and the DOW bounced 137pts to a level of 10,407. Federal Reserve bank Governor Ben Bernanke didn't exactly share the same level of enthusiasm evident in market activity, painting a rather cautious view of the US recovery, however did note economic conditions have vastly improved from a year earlier.  Speaking in New York he reiterated Interest rates will likely remain "exceptionally low" for "an extended period," and warned the implications of high unemployment will likely "prevent the expansion from being as robust as we would hope."

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