Wednesday, February 10, 2010

Quick Notes for the Day - February 10

Bernanke: Trial Reserve Drains May Launch Exit - Reuters - "The Federal Reserve could begin pulling back its unprecedented stimulus for the U.S. economy by first removing some cash from the financial system and then raising interest rates, Fed Chairman Ben Bernanke said on Wednesday."

Dollar Gains Against Euro - The dollar index which tracks the greenback against a trade-weighted basket of six major currencies rose to 80.225. The euro fell to $1.3691. The dollar gains have been attributed to Bernanke's remarks today about future Fed moves and news on a prospective aid package for Greece.

Trade Deficit Widens - The Commerce Department reported that the US trade deficit widened to $40.2 billion in December. Imports increased $8.4 billion to $189.2 billion led by higher imports of petroleum, autos, and capital goods. Exports rose $4.6 billion to $142.7 billion led by higher exports of capital goods and industrial materials.

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