The ramifications of Fed Chairman Bernanke’s speech last week are still resonating in the marketplace. Far too much attention, in our opinion, was paid to subject matters that are of no significance to global economics.
Oil is trying to rally despite the fact that Chinese manufacturing is showing a significant contraction. Perhaps the reason is that it increases the likelihood that the Chinese government, which has been putting the squeeze on the banks, will lighten up.
Egypt’s central bank set new exchange-rate movement limits for the interbank market as Governor Hisham Ramez, who took office yesterday, seeks to curb the worst currency slump since the 2003 devaluation.