China's state-owned banks have reportedly interfered to prevent the Chinese yuan from falling quickly.
stock markets
Indian Rupee further fell in a narrow range and was nearing its record low. On the other hand, stocks on the Indian bourses staged a recovery. The S&P BSE Sensex was up 0.8 percent paring intraday loss of 1.2 percent. Overseas investors continued to offload in the Indian stock markets.
The major factors such as oil price fall, economy growth concerns and uncertainty in stock markets are keeping more pressure on mortgage rates in the US market. The average US rate on long-term mortgage dropped for three weeks in a row to 3.81 percent. The average rate on 15-year mortgages dropped to 3.10 percent from 3.19 percent.
Most of the world stock markets were higher last Monday due to the steady Yuan and the expected bailout of Greece.
Stock markets recovered from their latest bout of oil and growth-related trauma on Tuesday, helped by promises from U.S. policymakers and the head of the IMF that lower fuel costs would boost the world economy.
As the budget deadlock continues, the stock market's fear index is rising and many investors are preparing for future stock volatility.
Bernanke's testimony caused world stock markets to waver between gains and losses.
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