Daily Forex Commentary for May 8, 2009

May 7th, 2009 • Related • Filed Under




May 8, 2009

Bank Stress Tests Much Ado about Nothing

In late breaking news, the U.S. Dollar is trading weaker against all major currencies after the Fed’s bank stress test results showed none of the 19 U.S. banks being examined is facing insolvency.

If anything was revealed, it was that more than a few of the biggest banks need to raise more capital to meet the Fed’s requirements. This can only be accomplished three ways: by selling assets, converting preferred shares to common stock or asking the government for more money. …
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