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What Does Bernanke Mean For The Benjamins?
On Wednesday the Federal Reserve trimmed interest rates by a quarter point to 2% but left traders guessing about whether more cuts might be coming. In a statement the central bank appeared more worried about growth than inflation. The dollar rallied initially but then fell against the euro as traders worked through the uncertainty.
Some, however, viewed the statement as signaling a pause. "I do think they moved to a neutral type of statement," Bill Gross, head of PIMCO, the world's biggest bond fund, said on CNBC shortly after the Fed announcement. "I think 2% is where we're going to be for perhaps a long, long time."
It could open the avenues for the ECB to begin easing because their inflation concerns may become less significant than their growth concerns, adds Tim Seymour. However, I still think emerging currencies will outperform the dollar.
If you’re looking for a trade, I expect the dollar to outperform major currencies such as the euro but underperform against places like Brazil and China.
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Brazil ETF Soars 8%
Brazil blue chips rocketed higher after Standard & Poor's upgraded its sovereign debt rating. Should you get into the game?
Standard & Poor's Ratings Services on Wednesday raised Brazil's debt rating to investment grade, a key benchmark in the nation's economic transformation that sent domestic stocks soaring.
The long-awaited upgrade came two months after Brazil's Central Bank declared that the nation's debt crisis was over because Latin America's largest country had emerged as a net foreign creditor for the first time.
"The upgrades reflect the maturation of Brazil's institutions and policy framework, as evidenced by the easing of fiscal and external debt burdens and improved trend growth prospects," said S&P Lisa credit analyst Lisa Schineller in a statement announcing the rating boost.
I think the way to play it is with the banks; check out Unibanco [UBB
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], Banco Bradesco [BBD
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] and Banco Itau [ITU
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], counsels Tim Seymour.
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Read about all the companies in the Emerging Money Top 20, an index made up of 20 firms poised to profit from explosive global growth. These trades are compliments of Tim Seymour, Fast Money's favorite emerging markets specialist.
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Trader disclosure: On Apr. 30, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (MSFT), (INTC); Pete Najarian Owns (AAPL), (NOK), (TSO), (XLF), (YHOO); Pete Najarian Owns (C) Calls, (CHK) Calls, (MSFT) Calls, (POT) Calls, (SBUX) Calls, (GA) Calls; Finerman Owns (GS); Finerman's Firm And Finerman Own (HD), (KALU); Finerman's Firm Owns (MSFT), (SBUX), (TSO), (VLO), (DVA), (SUN); Finerman's Firm Owns (YHOO) And (YHOO) Call Spreads; Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns (C) Leaps, Finerman Owns (C); Finerman's Firm Is Short (IYR), (MDY), (SPY), (IJR), (IWM); Seygem Asset Management Owns (ITU), (NIHD)
Data is a real-time snapshot *Data is delayed at least 15 minutes