Tuesday October 21, 2008 - 09:39:17 GMT
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FX Blog- USD Trading Outlook: New York Open for October 21, 2008
USD Trading Outlook: New York Open for October 21, 2008
- The USD continues to respond positively to the Bernanke blessing of significant fiscal stimulus yesterday in Congressional testimony. Markets ae rewarding the currencies of countries who take aggressive actions.
- Three month HIBOR (HK LIBOR) fell another 31 bps today. Overnight rates in HK tumbled 40bp. That suggests another drop is in store in LIBOR fixings later.
- France lent EUR 10.5bln to its top six banks and promised more next year if needed.
- The EUR, CHF and GBP vs. the USD. The JPY is firmer. Risk profile?
- Markets waiting for LEH default payments today. This is not a public event.
- Crude oil prices are off their highs ahead of the emergency OPEC meeting Friday. A production cut is widely anticipated.
- The commodity currencies (AUD, CAD and NZD) are easier. CAD is soft ahead of an expected BOC rate cut (-25 or -50bp). Gold has eased.
- Far East and European bourses were higher. U.S. shares expected to open lower.
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