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LAST week Federal Reserve chairman Ben Bernanke rallied the market by hinting that the quantitative easing (QE) would likely be continued.
FEDERAL Reserve chairman Ben Bernanke gave his semi-annual report to the US Congress last week, giving assurance that policymakers would not look forward to tighten the monetary policy in foreseeable future. Market interpreted much of his comments as being dovish, which weakened the greenback further. Meanwhile, US unemployment claims dropped to 334,000 and pushed the Dow Jones markets to 14,550 tops again.
The US GDP for the second quarter gained 1.7% and better than forecast, hence injecting investors’ confidence for a potential recovery. The US Federal Reserve, European Central Bank (ECB), and Bank of England (BoE) are keeping the monetary policy and interest rate as status quo amid rumours of tapering stimulus in September. On Friday, American payrolls rose 162,000 in July and below consensus despite unemployment jobs dropping to 7.4% from 7.6% in June.
LAST week, the market was mainly lacklustre and traded in sideways consolidation. The US jobless claims dropped to 305,000 for the week ended Sept 21 while pending home sales declined by 1.6% on monthly basis.