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Thursday September 4, 2008 - 19:38:28 GMT
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FX Blog- USD Trading Outlook: Far East Open for September 5, 2008

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USD Trading Outlook: Far East Open for September 5, 2008
  • Thursday was one of those days in forex when you had to play detective to figure out what was going on. It looked as though the day might have seen another round of liquidations in key markets. Equities tumbled and long foreign currency positions against the USD were unwound.
  • The USD is closing up sharply vs. the EUR from its Wednesday close. Those who were trying to play a EUR/USD correction had another difficult day. Oddly, the CHF is closing only slightly weaker vs. the USD
  • The JPY is up sharply resulting in an even larger swing in the EUR/JPY cross.
  • Oil prices may be showing possible signs of bottoming today. Also traders are starting to look beyond Hurricane Hanna to Hurricane Ike, which has the potential to head either up the east coast or into the Gulf.
  • The ECB was in a no-win situation today. It remained hawkish on inflation, but fretted about the slowing Euro-zone economy. Key rates were kept steady.
  • The GBP/USD weakened moderately, even as the U.K. economy continues to show signs of weakeness. The BOE held policy steady as expected today.
  • The Aussie, NZD and CAD are sharply weaker vs. the USD in line with general USD strength.
  • U.S. equity markets are closing sharply lower. U.S. fixed income prices are higher. Earlier, Asian bourses closed mostly weaker. JGB prices ended lower.



Click on chart for two year history




Click on chart for two year history




Click on chart for two year history

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    Amazing Trader EVENT RISK Calendar:

    Mon 18 Dec
    10:00 EZ- final HICP
    Tue 19 Dec
    09:00 DE- IFO Survey
    13:30 US- Housing Starts/Permits
    13:30 US- Current Account
    Wed 20 Dec
    15:00 US- Existing Homes Sales
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    Thu 21 Dec
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    13:30 US- GDP
    Fri 22 Dec
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    13:30 US- core PCE Deflator & Presonal Income
    15:00 US- New Homes Sales
    15:00 US- final University of Michigan
    17:00 US- early Closes
    Mon 25 Dec
    00:00 Christmas Holidays

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    • POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.


    • POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
    • POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity

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