Jobs, Bernanke & The Dollar

Good morning. Futures are negative as following mixed performances in overseas markets and a stronger dollar fueled by interest rate fears.

News flow is relatively quiet as we start the new trading week, but some of the top stories include the following:

• Economists who foresaw payroll surprise now see job gains (Bloomberg)

• More than one-quarter of homeowners receiving help under a U.S. government foreclosure prevention plan are behind on their new mortgage payments (ABC News)

• Geithner says entire financial system was at risk at height of crisis (Bloomberg)

• Rock-bottom interest rates are luring banks into taking risky bets again (Reuters)

• The projected long-term cost of the TARP is now at least $200B less than previous estimates (Reuters)

• Mounting defaults on commercial property may keep regional lenders from repaying bailout funds until at least 2011 (Bloomberg)

• Dodd is ready to push through a controversial financial regulation reform bill with or without Republican support (Reuters)

• China's 8% economic growth goal achievable (China Daily)

• Dubai moved to ring-fence prized assets from the $26 billion debt restructuring of Dubai World (Reuters)

• Oil prices are not reflecting fundamentals according to the UAE (Reuters)

• Amazon.com says no plans to open physical stores (Reuters)

• Five high-ranking executives at AIG are prepared to quit if their compensation is cut significantly (WSJ)

At 10:AM we have the Employment Trends Index and then at 3:PM the Consumer Credit report. But, the focus of today will be on Ben Bernanke who is scheduled to give a speech to the Economic Club of Washington, D.C. at noon. Any hint from Ben regarding a change in interest rate policy following Friday's jobs report will be a major market mover although I suspect Bernanke will do his best not to rattle the markets, but be prepared nevertheless.

Read more of my premarket report.