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Bernanke boosts growth assets by keeping further QE on the table

Written by Sam Coxhead on July 14th, 2011.      0 comments

8:10 AM (NZT) US Fed Chairman Ben Bernanke gave the markets a boost in the US session in remarks he made while making his semi-annual montary policy report to the House Financial Services Committee. His comments implied that he was keeping all tools on thew table and would react as events uofold. If deflationary risks increased, he was open to using further montary easing techniques such as Quantitative Easing.

This sentiment immediately gave growth assets a boost in what was already a recovery day that saw the US start to give up some of its recent gains. Commodities, equities were higher and interest rates lower, although euities have shed much of their gains, the USD remains under pressure.

In Europe Credit Rating Agency Fitch made supporting comments about Italy's debt program and then down graded Ireland once again. The positive result for Italian debt saw its cost of funding drop as multiple Middle Eastern and Asian institutions were noting buying debt.

    Last 24 hours trade
  Current level Low High
NZD/USD 0.8365 0.8167 0.8385
AUD/USD 1.0741 1.0575 1.0778
NZD/AUD 0.7790 0.7710 0.7783
AUD/NZD 1.2837 1.2849 1.2970
NZD/GBP 0.5197 0.5127 0.5220
NZD/EUR 0.5915 0.5848 0.5923
NZD/YEN 66.07 64.70 66.24
NZD/CAD 0.8027 0.7893 0.8043