Asia Session – September 29, 2008 1:31 AM

by Trader Rich

As the 0 Billion Rescue Plan seemed to be a done deal, the US Dollar gained back some ground in the Asia session. While Congressional leaders and the President (who will speak about the plan at 11:35GMT), patted themselves on their backs for finally piecing together a plan that they are confidant will be approved by Congress this week the EUR/USD moved almost a handle on the news from 1.4563 to 1.4482 as the Dollar let out a sigh of relief. How long the Dollar will benefit is anyone’s guess, as US equity futures sank as the day progressed. The Rescue Plan may be voted on as early as Monday or as late as Wednesday…In Europe the crisis was felt as well, with three governments joining to bail out Fortis Bank and in the UK, mortgage lender Bradford & Bingley was a prime target for government nationalization as its retail branches were bought by a Spanish Bank. Full text »

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