fractal friday fractal fri fra fr, page-43

ah yeah.. what can i say.. the guy just blows me away every time.. some of his newer stuff is every bit as good as some of the old stuff tho

Aug. 31 (Bloomberg) -- The dollar fell against 12 of the 16 most-active currencies on concern a speech by Federal Reserve Chairman Ben S. Bernanke won't revive confidence in the nation's slumping credit markets.

The dollar pared a monthly gain against the euro as U.S. stocks dropped yesterday and the commercial paper market shrank for a third week, signaling the Fed's attempts to lower financing costs have had limited success. Bernanke will speak to policy makers from around the world at an annual Fed symposium starting today in Jackson Hole, Wyoming.

``Disappointment over Bernanke's comments is likely to push U.S. stocks lower and the dollar is likely to fall,'' said Hiroshi Yoshida, foreign exchange trader at Shinkin Central Bank in Tokyo. ``He's worried about the moral hazard of rushing to save some investors.''

The dollar dropped to $1.3667 against the euro at 11:40 a.m. in Tokyo from $1.3625 late yesterday in New York. Against the yen, it traded at 116.03 from 115.86. The dollar may move between 115.20 and 116.50 yen today, Yoshida said.

The Standard & Poor's 500 Index dropped 0.4 percent yesterday after Lehman Brothers Holdings Inc. said rising credit costs may reduce U.S. bank profits. Asset-backed commercial paper, which accounted for half the market, tumbled $59.4 billion to $998 billion in the week ended yesterday, the lowest since December, according to the Fed.

Negative Tone?

John Lipsky, first deputy managing director of the International Monetary Fund, said yesterday Bernanke will likely avoid offering a direction on interest-rate policy during his speech at 10 a.m. local time today.