Thursday October 23, 2008 - 20:07:51 GMT
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FX Blog- USD Trading Outlook: Far East Open for October 24, 2008
USD Trading Outlook: Far East Open for October 24, 2008
- Pretty much as expected, trading largely was cautious on Thursday. It appeared that the recent volatility in key USD pairs has sent many market participants to the sidelines. We suggested earlier that one has to wonder if the selling climax might be approaching its conclusion for equities. Has there been selling fatigue before the weekend?
- One important exception was the sharp decline in the AUD Thursday. Its weakness looked like catch-up to the other commodity currencies. The CAD and NZD are weaker. The 100bp cut in NZ rates today to 6.50% was as widely expected. The RBNZ signaled future rate cuts, but not another of this magnitude. Gold has fallen slightly.
- The upward USD moves from late Wednesday vs. the EUR, CHF and GBP have fit recent patterns. The JPY remains firm.
- Crude oil prices are about steady into the emergency OPEC meeting tomorrow. A production cut has been signaled and presumably is priced in. European bourses ended lower. E-Z new industrial orders were weaker than expected a short. U.S. shares are closing higher on the day.
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