When India unveiled its annual budget on July 6, it immediately caused a sharp drop in the rupee, as well as a 5.8% decline in the benchmark BSE Sensex stock index that had soared 55% so far this year.

Finance officials from Beijing in Moscow on Thursday held a videoconference to discuss the creation of a “supra-national reserve currency,” the latest evidence of the support China is getting from developing countries as it seeks to replace the U.S. dollar as the world’s main reserve currency.

It’s hard to believe that summer’s heat (and hurricane season) is almost here. As the calendar turns to another month it’s often quite interesting to take a look back at the past month to see which trends may be in for a switch. One phrase comes to mind that perfectly sums up April’s market action: A reversal of fortune!

“Here’s Your 5-Step Checklist to Know It’s Over Before Even CNBC Does.”

“I’ve already called this credit crunch, ‘the worst financial crisis since the Great Depression’…and unfortunately, we’re not through it yet” says Eric Roseman.

It’s true the worst of this credit storm has probably passed. But banks, companies and individual investors are still facing funding pressures. That tells me the absolute bottom of this crisis has yet to arrive.