Tuesday March 11, 2008 - 03:59:51 GMT
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FX Thoughts for the Day - www.fxthoughts.com
Fx Thoughts - Asian Morning Update 11-Mar-08
Today we donâ€™t really know where to start, "New Day New High", or "Fresh Day Fresh Low". While "New Day New High" refers to Crude Oil, which hit a fresh all time high at $108.21 yesterday, its 9th in the last 10 days, "Fresh Day Fresh Low" refers to Dow Jones and the US Stock markets, which hit a fresh low since Sept-2006. The DJIA closed at 11740.15 down 153.54. The Nikkei had followed the US markets lower in early trade but has seen a bounce since then. There is however no such luck for other Asian markets which are still trading 1-1.5% down currently.
In the Forex world, $-Yen has followed the US Stock markets lower once again to come terribly near 101.41 its lowest level since Jan-2000. The lowest since 2000 has been 101.31, seen on 03-Jan-2000. It is currently near 101.73-77.
Dollar-INR is likely to open firmer on back of negative cue for Indian stocks and fears of potential FII selling.
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