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Wednesday March 12, 2008 - 03:54:52 GMT
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FX Thoughts for the Day - www.fxthoughts.com
Fx Thoughts -Asian Morning Briefings
|GOOD MORNING! |
Yesterday‚Äôs events showed us once again, the true importance of old age saying... ‚ÄúThe markets stop to panic, when the Fed becomes panicky‚ÄĚ.
True to itself, the US Fed announced that $200 bln more would be available for the primary dealers in the US Money market to help ease pressures of the liquidity crunch in the US credit market which was seen in the last few days. This liquidity add was seen as extremely positive for US Stocks and the Dow Jones responded by rallying 416.66 points or 3.55% at 12,156.08. The tech heavy Nasdaq rallied by 86.42 points or 3.98% at 2,255.78, biggest daily percentage gain since March 2003.
Nikkei and other Asian markets have followed up the rally in the US markets and are up almost 2.0% - 2.5% each.
In the Forex world, the Dollar got an immediate boost after the Fed announcement by rallying against the EUR, GBP, YEN and CHF. However, the USD rally against Yen and CHF were much more than against the EUR, as this Fed move is positive for carry-trades atleast in the short term.
Crude in the meanwhile hit fresh record high at 109.72, before seeing some profit taking. It is currently trading at 108.67. Gold is currently near 974.90, relatively unchanged from yesterday.
$-INR has opened lower as the stock market is seen opening higher on back of a rally in the US and Asian stock markets.
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