Dallas Fed president Fisher says he is not surprised by the dollar’s movement after the Fed’s recent moves saying they are driven by interest rate differentials. He wants to see how the Fed asset purchases already announced work before extending them to other assets. Recovery should begin to take hold in the second half of 2009.
Oil has gone into free fall at the close, dropping through both $37 and $36.
GE was affirmed at AAA by S&P, but the ratings agency say there is a 1-in-3 chance that it could downgrade the industrial giant over the next two years. That has sent stocks skidding once again, down 1.8%.
Currencies are pretty steady around 1.4290 and 89.45.
