After yesterday’s massive rally – in fact the biggest rally since December by the Australian Dollar and the Dow Jones Industrial Average since December 20, 2011 – it would appear that all global issues have been resolved.
Chairman Ben S. Bernanke Economic Outlook and Policy Before the Joint Economic Committee, U.S. Congress, Washington, D.C.
Futures are suggesting the markets could build on yesterday’s bounce. Futures are up ahead of the open with S&P fair value at +13.00 and NASDAQ fair value at +21.80.
Breaking News China and England Rate Decisions
Today the economic calendar is jammed packed with key market moving data, that will have traders watching closely.
Breaking News Federal Reserve Vice-Chair Yellen, said today the Federal Reserve has room to provide further accommodation and highlighted that there are substantial risks to the U.S. economic outlook.
Analysts Downgrades For June 6th 2012
Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. While inflation rates are likely to stay above 2% for the remainder of 2012, over the policy-relevant horizon we expect price developments to remain in line with price stability. Consistent with this picture, the underlying pace of monetary expansion remains subdued. Inflation expectations for the euro area economy continue to be firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2% over the medium term
Breaking News Out of the ECB
Break News -Chesapeake Energy’s (CHK, [stock CHK]) board of director shakeup. Four directors resign and one retires. Allowing either Icahn or a Icahn representative to be named to the board. Chesapeake Energy’s CEO McClendon will remain the companies CEO.
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