Today's Market Update - New York Session

23 November 2009 @ 05:44 pm EDT

Recent inter-market correlations continued to play out and the equity market's gain was once again the US dollar's pain. Stock markets in the US jumped more than 1.3% in broad terms as St. Louis Fed President Bullard's comments of an easier Fed for longer couple with positive housing data continued to permeate the marketplace. Bullard overnight called for an extension to the Fed's MBS purchase program beyond 1Q 2010 and his rhetoric suggests a Fed that will remain accommodative as far as the eye can see. Economic data was also positive for risky assets.

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