Saturday, July 21, 2007

Journal 57 - Bernanke's statement

The whole world was waiting for Fed Chief Ben Bernanke's statement. Who is he exactly I will write in my next journal. What Bernanke's main arguments are.
Mr. Bernanke stated that inflation will probably recede and that housing weakness might spread to slow other areas of the economy.
The dollar fell against the euro, and was flat against the Canadian dollar. Dr. Bernanke warned that a one construction slump could lead to slowing growth in the USA; the current housing problems are also weighing on the market.
Both crude oil and gold futures rose over 1% as the dollar fell against the euro. Today, traders bought gold and sold the dollar.
A little curiosity, grains jumped today: soybeans gained nearly 2% and corn rose 1,4%.

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