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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 690.270.0%Dec 26 4:00 PM EST
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To: Johnny Canuck who wrote (39930)7/17/2003 3:58:42 AM
From: Johnny Canuck  Read Replies (1) of 69260
 
12:19PM Greenspan says revaluation of China's yuan inevitable by Greg Robb
WASHINGTON (CBS.MW) - Federal Reserve chairman Alan Greenspan said the revaluation of China's currency is inevitable. Asked by Sen. Charles Schumer, D-N.Y., whether China should float the yuan, Greenspan replied: "from an economic point of view, it is going become increasingly evident that that is going to have to happen, if the existing cost structures around the world remain as they are." Greenspan added the "Chinese economists are sufficiently sophisticated to understand that."

[Harry: Reason for China stock sell off today?]


11:01AM Greenspan: Fed can't gauge labor market until August by Greg Robb
WASHINGTON (CBS.MW) - Federal Reserve board chairman Alan Greenspan said the central bank is not able to gauge the strength or weakness of the U.S. labor market until after the July auto-plant holiday closings. Asked for his view on the labor market by Sen Paul Sarbanes, D-Md, Greespan replied: "We won't know until we get beyond the July initial-claims figures." He said the auto closings distorted seasonal adjustment measurements used by the Labor Department. "Until we get into August, we won't get a good reading on initial claims or insured unemployment," he said.
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