Some interesting Economic Sound Bites

The U.S. currency rose to a three-month high against the yen after Bernanke said late yesterday that the central bank will ``strongly resist'' any waning of public confidence in stable prices. ``Strong'' economic fundamentals will translate to dollar strength, Treasury Secretary Henry Paulson said today in a Bloomberg Television interview in Washington. The dollar climbed 1.3 percent to $1.5448 at... [more]

The U.S. currency rose to a three-month high against the yen after Bernanke said late yesterday that the central bank will ``strongly resist'' any waning of public confidence in stable prices. ``Strong'' economic fundamentals will translate to dollar strength, Treasury Secretary Henry Paulson said today in a Bloomberg Television interview in Washington. The dollar climbed 1.3 percent to $1.5448 at 2:53 p.m. in New York from $1.5646 yesterday, bringing the two-day gain to 2.1 percent, the most since Nov. 4, 2005. The dollar rose to 107.37 yen, the highest since Feb. 27, from 106.31 yesterday. Japan's currency traded at 165.98 per euro from 166.33. The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so,'' Bernanke said in a speech at a Boston Fed conference. ``The Federal Open Market Committee will strongly resist an erosion of longer-term inflation expectations.'' You are going to see the dollar rally over the next 12 months,'' said Michael Aronstein, chief investment strategist at Oscar Gruss & Son Inc. in an interview with Bloomberg Television. ``Global investors are quite underweight the U.S. You could see the beginning of a real reversal of that'' [less]