The highlight of the week is going to be the Bernanke press conference after the release of their FOMC statement on Wed and while ears will be listening to his comments about the coming end of QE2 and what comes next, it will also be important if he discusses the state of the US$ or not. I say this for the obvious reason of the daily depreciation we see in its value and the coincident rise to new nominal new highs in gold and silver. He has punted on the issue in the past but has to acknowledge the impact of Fed policy and its impact on the value of the US$ as creating more dollars than there is demand for them is a devaluation. Let’s hope he doesn’t get softball questions. With European markets closed, the only other global action was in Asia and the Shanghai index closed at a 3 week low and the Yuan fell sharply as a Central Bank Advisor played down the talk last week of another one off revaluation of its peg to the US$.
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