Currencies

Obama’s first budget contained bad news for Wall Street. Dow down 88.

The Dow reversed an early 200 point fall last night as finally detail began to emerge re the bank rescue plan. The Dow closed down 80.

Commodity prices continue to nosedive and Australian stocks are tracking the losses, with the fate of the AUD tied to both.

Optimistic comments from Bernanke sparked a rally on Wall Street as the market awaits an announcement from the president. Dow up 236.

The S&P 500 joined the Dow at 1997 levels last night as the malaise continues. Dow down 250.

The Dow closed down 89, triggering a technical bear signal. Oil jumped 14%.

Technical FX analysts at CIBC World Markets suggest investors should use any strength in both the euro and the Australian dollar to sell short against the US dollar.

Despite a struggling economy, floundering markets and a minuscule interest rate, the USD is likely to stay strong at least into 2H09.

Wall Street failed to be excited by Obama’s housing plan while gold has set its sights on US$1000. The Dow was flat.

President Obama signs the stimulus bill as the run on Europe begins. Dow down 300.