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Monday December 17, 2007 - 17:21:48 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

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Trade the News - U.S. Market Update

Dow -67 S&P -7 NASDAQ -24.4

- U.S. indices began the week under some pressure from losses in the overseas equity markets. Equity sentiment remains on the downside still led by worries in the financials. Citigroup lowered its ratings of BAC WM MTG and RDN before the open. Despite the downgrades the XLF is trading up more than 0.5%. Goldman Sachs and Merrill Lynch are down marginally ahead of this week's earnings announcements which begin tomorrow with Goldman. It is worth nothing that there is a relief rally occurring in the bond insures after Moody's affirmed its AAA ratings for ABK. ABK +20% MBI +5% There were two good sized deals announced over the weekend. TT is trading up more than 20% after getting a bid from IR - 5%, and GRP is higher by more than 10% after receiving and offer from NOV - 10%. Jan crude has been lower by 1% throughout the session after an Algerian oil minister said overnight that the possibility of an oil output hike at the Fed 1st meeting can't be ruled out. Treasury futures have been the beneficiary of the weaker equity markets. The 10-year note future is higher by 10 ticks yielding 4.19%. The Feb fed fund future prices roughly a 75% probability of a 25bp cut at the next Fed meeting. Feb gold traded lower early in the NY session helped by continued firming in the Dollar, but has since climbed back to the unchanged level. March copper has made a new 7-month low trading down another2% at $2.89.

- The USD started the week on a firm tone prior to the US session open. Dealers attributed the early USD strength to technical momentum aided by fresh credit concerns. Australia's Centro Property announced that its Funds had suspended applications and withdrawals and that the company continued to negotiate the refinancing of AUD$1.3B of debt. Also, Swiss press ran an article today that UBS could have an additional CHF4.5B write-down in Q1. UBS later denied the speculation. The Euro' tone was tempered by comments from the German Bundesbank, which noted in its Monthly Report that it saw downside risks to its 2008 GDP growth forecast. The Bundesbank revised its 2008 GDP outlook lower to 1.9% from the prior 2.5% forecast. The USD price action against the majors was listless during the NY mornings. The diminishing liquidity condition due to year-end book closing seems to causing choppy price action. Russia noted that its $151B oil fund may pick up more currencies in 2009, keeping the theme of USD diversification that labeled the currency market during 2008. CAD was firm during the US morning and dealers sought a viable explanation for its strength since commodities were lower. In the end, dealers noting liquidity conditions did exaggerate the price action supplemented by a string of USD sell-stops orders. USD/CAD fell over 150 pips to test 1.0023, EUR/CAD was off 275 pips to probe the 1.4400 area. European equity markets were broadly lower. FTSE off 1.75% at 6285, CAC lower by 1.35 to 5527, DAX softer by 1.5% at 7829. Yield curves were mixed as UK and Germany remained generally flat, while the US steepened. March GILTS +28 ticks at 108.30, Mar BUNDS +12 at 113.10

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Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

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Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



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  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.



  • POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.


  • POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.



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