Tuesday October 28, 2008 - 09:55:31 GMT
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FX Blog- USD Trading Outlook: New York Open for October 28, 2008
USD Trading Outlook: New York Open for October 28, 2008
- As noted in our Far East open comments, on Monday the performance of U.S. share markets had not been stellar, but once again sellers in N.Y. did not pile onto overseas weakness.
- So far, Asian bourses have gained and European exchanges are higher. The DAX has spiked higher by 9% reportedly on a short squeeze on hedge fund in VW. The carmaker has gained by 70% or more. U.S. bourses are seen opening higher later.
- In defense of the krone, the Icelandic Central Bank raised it interest rate target by 600 bps to 18.00%.
- The USD is up vs. the EUR, GBP, CHF and JPY. The gain vs. the JPY is significant in that it could signal an easing of carry trade repatriations.
- As for the Fed decision Wednesday, many on the street are calling for a -50bp rate cut. We lean in the direction of a token ease of only -25bps, as there is no compelling reason for the central bank to use most of its few remaining bullets now.
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