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Article Directory - The Daily Forex Market News Wrap 16 Nov 2009

Retail sales in the U.S. rebounded more than estimated as need for autos increased, and a regional gauge of manufacturing showed growth for a fourth month, reducing concern the revitalization will cool after government incentives finish. Equities added to a global advance following the reports signaled growing demand at retailers.

The great news of the day was a talk given by Fed Chairman Ben Bernanke.

Federal Reserve Chairman Ben S. Bernanke said fiscal “headwinds” of concentrated bank lending and a drained labor market will possibly confine the pace of the U.S. economic revival, warranting continual low borrowing costs.

Bernanke stated in a address today that there were several economic challenges still to come while addressing the Economic Club of New York. “The flow of credit remains constrained, economic activity weak, and unemployment much too high. Future setbacks are possible.” He also stated that the Fed is “attentive” to changes in the dollar’s value and “will help ensure that the dollar is strong.”

The central bank leader gave no warning he favors increasing interest rates anytime soon. Bernanke rephrased the main sentence from the November report of Fed policy makers, who reiterated that interest rates will stay very low for an “extended period” as the central bank searches to continue a recovery from the largest recession since the early 20th century.

A government report today showed retail sales during October in the U.S. widened by 1.4 percent, more than predicted, as requirements for automobiles climbed, lessening the fear households will cut back spending after government incentives finished. A report from the Federal Reserve Bank of New York today showed manufacturing in the region expanded in November for a fourth straight month.

The Fed, while trying to heave the market from the downturn, has held the standard borrowing rate close to zero since December while using asset purchases as its key policy tool.

Finally, the Australian central bank announced the meeting report from the past rate increasing session.

The central bank of Australia has released the minutes from the earlier economic policy meeting in which the depository agreed to boost rates to 3.50 percent. The depository is noticing signs of the nation starting to recover from the global depression but still maintains a requirement to stabilize the risks connected with raising the interest rate too quickly. Australia’s central bank says the swiftness of interest-rate increases is an “open question” seeing that it balances the possibility of keeping lending expenses too little alongside an economy that may cool as government stimulus abates.

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