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Last week volatility on all the markets rocketed as different news events from across the globe increased trading volume on all the financial exchanges. The Fed Kept its fund rate at 2%, AIG along with other large financial firm plummeted, pulling down the major indices. The SEC along with England’s regulatory authorities prohibited short selling on the financial sector, Chinese wealth funds stated that they are going to repurchase shares of three of the largest banks, Russia’s president injected $20 billion into the market to help the dire situation and finally, to top volatility off for the week, the U.S treasury along with the Fed announced that they are going to create an entity that would purchase up to $700 billion of bad assets from banks, allowing those banks to remove the bad debts from their balance sheets. The bailout that was announced towards the end of the week sparked a rally across the globe sending all indices rallying. Indices like the FTSE closed Friday’s session up by 8.84%, the S&P 500 closed the session up by 4.03% and the DAX climbed by 5.56%. The currency market traded mixed following the news as carry trade currency pairs bounced up regaining some of their previous losses while the Dollar lost its strength to most of its counterparts. When analyzing recent Dollar weakness one has to take into consideration the extent of the Dollar rally over the last couple of months, meaning that any correction that is occurring at the moment is still classed as a healthy correction. Looking forward, the currency pairs will continue to take their cue from this weekend’s news, especially as the economic calendar is relatively empty today. The only major news coming out is the Retail Sales result from Canada.
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