Risk rally seemed to have lost much momentum as investors were disappointed by Fed Chairman Bernanke's lack of signal on adding monetary stimulus overnight is his testimony to congress. In addition, Fitch's downgrade of Spain's credit rating also remained investors of the ongoing sovereign and banking crisis in Eurozone. The boost from China's first rate cut in three years was rather brief. DOW ended the day up merely 46 pts at 12460, after jumping to as high as 12555 during initial trading. Meanwhile, Asian equities are all in red. In the currency markets, major currencies are showing sign of reversal against dollar and yen and we'd probably see more upside in the latter two before the week closes.
Source : actionforex.com
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