The appetite for risk turned optomistic Wednesday following US Fed Chairman Bernanke’s dovish remarks, as he reiterated the Fed’s plan to start paring its bond-purchase program QE later inn the year, but said that could change if the economic outlook shifted.
The Fed’s “Beige Book” report stated that the US economy continued to grow at a “modest to moderate pace” in June and early July, with manufacturing expanding in most areas of the country.
Most foreign currencies declined after all managed to advance Tuesday. Only the GBP advanced, benefiting from on a united MPC and better than expected UK data.
The US stock markets finished Wednesday with small gains. The Crude Oil/Gold ration rose.
The short-term outlook for most foreign currencies is sideways in here. The medium-term outlook for most of the foreign currencies is sideways. The LGR short-term model is long most foreign currencies. stay tuned…
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