Kiwi bears continued their push as manufacturing slipped considerably in the month of January. Although the period is usually associated with a slow down in production, figures according to the Business New Zealand declined to historical lows calling into concern future economic growth prospects.
The Bernanke effect wore off in the morning hours as the new chairman ended up rounds of questions by politicians on the current state and future of the economy. Once again nothing new was released other than the incumbent’s efforts to continue the previous chairman’s policy.
The US dollar held its own against the majors in Asian and European trading today as yesterday's testimony from Chairman Bernanke practically telegraphed that the Fed is moving to 5% money in the near future.
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