{+++}Good morning, futures are in give back mode as the dollar catches a bounce and commodities let a little air out. Russia’s finance minister has said he has complete confidence in the U.S Dollar and Japan made a similar comment over the weekend, so commodities are backing off.
The Fed is out with the comment that they are going to be “systemic regulators” going forward and are implementing a rule that the sellers of derivatives have to have skin in the game going forward, thus preventing the game of toxic hot potatoe in the future. No more creating junk and flipping it to someone else I guess. Passing the baton of toxicity will no longer be I guess.
The Group of Eight Finance Ministers said they will start to withdraw stimulus spending this weekend in Italy and are already starting to look for an exit in 2010. G-8 officials said it’s prudent to consider what exit strategies to deploy once global growth is secured and asked the Washington-based International Monetary Fund to examine how to do so without reigniting the two-year financial crisis.
It is still a dollar driven market so watch that closely, I use UUP as a benchmark. I will be out of pocket until early afternoon as I am doing some Stocktwits TV, but should be near a computer sometime in the early afternoon. Good luck and I will check in later.