The dollar picked up a bit of a safe haven bid after Chinese trade numbers printed far worse than expected triggering fears of further slowdown in global growth. China’s trade balance slipped to a surplus of only $4.8 Billion versus estimates of a 27.3 Billion number. Exports fell sharply and the overall surplus proved to be only one eighth as large as the month prior.

The much anticipated announcements from Washington have triggered a dramatic turn in the currency and equity markets. With investors flocking back into the safety of US dollars and the Dow Jones Industrial Average falling 381 points, it is clear that investors are not satisfied with the Obama Administration’s new programs to unlock the credit the market and rescue the financial sector. If today’s announcements were to be measured by their ability to restore confidence in the financial markets, then the new President has failed miserably. Fortunately we are more optimistic and believe that economic stability will be restored under Obama’s leadership, but patience may be needed.