Salient to Investors:
Marc Chandler at Brown Brothers Harriman said there is one big story and that is, of course, Bernanke, and given that his comments rattled the market a couple of times now in a short period of time, many traders will be loath to take significant positions ahead of his address to Congress next week. Chandler said markets have been too aggressive in pricing in tapering because US economic weakness will continue through Q3, lower inflationary data may persist and reducing monetary stimulus may be left to another Fed chairman.
Brian Daingerfield at RBS Securities said people still want to be long dollar and want to own dollars.
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