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After Friday’s trading session, Dollar counterparts bounced back during early morning hours as headlines reported that the Bush administration will bail out troubled mortgage giants Fannie Mae and Freddie Mac. As the notice hit the boards, the financial markets soared, sending U.S futures up by 2% and the Euro up by nearly 0.9%. While the move, a $200 million purchase of unwanted stocks, will help the U.S economy, making the government one of the biggest mortgage lenders, analysts fear that the takeover will have an effect on consumers, as the funds are coming out of tax payer’s money. While the take-over raised some sentiment, not all the news published over the last couple days was encouraging. On Friday, the U.S published their employment data, showing that their unemployment rate jumped to a 5 year high of 6.1%. Even though the Dollar managed to hold its intraday gains throughout the session, the result shocked investors, recalling a similar situation during 2002-2003. Immediately after the burst of the dot.com bubble, unemployment reached a level of approximately 6.4%. Gold and Oil also bounced back following this weekend’s news. The two commodities are now trading at approximately $813.77 and $107.84, respectively. Looking forward, the economic calendar is relatively light today with data coming out only from the U.S and Canada. Due to the lack of data coming out from the U.S this week, traders should focus on other economies, especially as high yielding countries ( New-Zealand) are expected to reduce their interest rates.
Japanese Yen
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