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Wednesday October 22, 2008 - 18:47:47 GMT
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Forex Market Commentary and Analysis (22 October 2008)

The euro came off sharply vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2740 level and was capped around the $1.3080 level.  The common currency reached its lowest level since November 2006.  Traders reduced their exposure to higher-yielding assets on growing economic worries.  European Central Bank member Gonzalez-Paramo suggested the European Union strengthen the role of its consolidated banking supervisor.  ECB member Nowotny said the ECB’s decision to cut rates by 50bps was “very wise” and added the “turning point has been reached” in the financial markets and that they’ll continue to stabilize.  In U.S. news, Minneapolis Fed President Stern reported economic growth could “one to three” years of weak economic growth.  U.S. Treasury Undersecretary McCormick suggested the U.S. government may start to recover in late 2009 “after a few challenging quarters.”  U.S. equity markets were off sharply through the North American session, mimicking the performance of Asian and European markets.  Euro bids are cited around the US$ 1.2475 level.

¥/ CNY

The yen appreciated sharply vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥98.30 level and was capped around the ¥100.55 level.  Risk appetites waned overnight as the outlook for the global economy worsened with most economists now suggesting the global economy is in a recession.  Bank of Japan allotted US$ 50.168 billion in its U.S. dollar money supply operation overnight.  Data released in Japan overnight saw the August all-industries index fall 1.8% m/m.  The Nikkei 225 stock index lost 6.79% to close at ¥8,674.69.  U.S. dollar offers are cited around the ¥104.15 level.  The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥126.20 level and was capped around the ¥131.45 level. The British pound and Swiss franc weakened vis-à-vis the yen as the crosses tested bids around the ¥159.15 and ¥84.35 levels, respectively.  The Chinese yuan depreciated vis-à-vis the U.S. dollar as the greenback closed at CNY 6.8341 in the over-the-counter market, up from CNY 6.8337.

The British pound depreciated sharply vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.6135 level and was capped around the $1.6725 level.  Cable reached its lowest level since September 2003.  Bank of England Governor King last night said the U.K. economy is probably enter a recession and said the central bank “can offset some of those shocks” through rate changes.  King added inflation could fall below two per cent “possibly well before” the two-year forecast horizon.  King’s remarks caused sterling to decline precipitously.  Minutes from the MPC’s special meeting this month were released and evidenced a 9-0 vote to cut rates by 50bps.  NIESR reported the U.K. economy is likely to decline 0.9% in 2009.  Cable bids are seen around the $1.7420 level.  The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ₤0.7955 level and was supported around the ₤0.7810 level.

 

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Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

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Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



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