Tuesday October 21, 2008 - 20:11:40 GMT
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FX Blog- USD Trading Outlook: Far East Open for October 22, 2008
USD Trading Outlook: Far East Open for October 22, 2008
- Tuesday markets in the U.S. had a risk aversion fell to them although there seemed to be no explicit focus. The USD responded positively to the Bernanke blessing of significant fiscal stimulus Monday. Markets reward the currencies of countries who act aggressively. Three month LIBOR fell by another 22.5 bps. Overnight rates tumbled. They still have a long way to fall.
- The EUR, CHF and GBP fell sharply vs. the USD. The JPY is firmer -- risk aversion profile. The commodity currencies (AUD, CAD and NZD) tumbled again-â€“ more risk aversion. BOC cut rats (-25bp to 2.25%). Gold fell sharply.
- Crude oil prices are off their recent highs ahead of the emergency OPEC meeting Friday. A production cut is widely anticipated. Far East and European bourses were higher. U.S. shares expected to end lowerâ€”risk aversion.
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