Monday October 20, 2008 - 19:36:47 GMT
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FX Blog- USD Trading Outlook: Far East Open for October 21, 2008
USD Trading Outlook: Far East Open for October 21, 2008
- Risk aversion eased. LIBOR rates turned lower (3mo USD 4.06%, -36bp), after reportedly JPM banged the one month yield down last Friday. Levels are very lofty.
- USD has tended to gain when market risk is rising and lose in times of stability. This pattern broke down Monday. The EUR, CHF and GBP are easier along with the JPY vs. the USD.
- End of October traditionally has been yearend for many mutual funds in the States. The volatile equity price action suggests that exceptionally thin conditions. The markets are waiting for LEH default payments Tuesday. This event is shrouded in secrecy.
- Crude oil prices are higher ahead of an emergency October 24 OPEC meeting. A production cut is widely anticipated. The commodity currencies (AUD and NZD) have gained. CAD is weaker ahead of an expected BOC rate cut Tuesday. Gold has gained.
- Far East and European bourses were higher. U.S. shares are expected to close higher.
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