Today Fed governor Bernanke will testify on Fed programmers at House Panel, but focus is on US Treasury Secretary Geithner's speech on the financial rescue programmed today at 17:00 in Wash-ington. Today's session will be overshadowed by events in the US where Treasury Secretary Geithner will testify on the TARP program and should unveil details of a new Financial Rescue Program. The dollar was stronger during the Asian session, with the gains linked to a report in the Nikkei that Russian regional banks were looking to delay $400 bln in debt repayments. In foreign exchange, the Euro was heavily sold on feared exposure of European banks to the possibility of default implied by Russian banks' loan payment delay request. EUR/USD fell two big figures to a 1.2810 low before recovering slightly after Russia's Head of Regional Association denied Japanese media speculation.
U.S and Asian equity markets are little changed ahead of today's US senate vote on Obama's stimulus bill and US Treasury Secretary Geithner's speech on the financial rescue plan. The euro has weakened overnight on reports that Russian banks and companies may ask foreign, mainly European, banks to reschedule loans. US Treasuries have traded sideways overnight.
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