Wednesday October 29, 2008 - 19:44:33 GMT
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FX Blog- USD Trading Outlook: Far East Open for October 30, 2008
USD Trading Outlook: Far East Open for October 30, 2008
- The focus of trade Wednesday in North America was on the Fed decision due in mid-afternoon. At its meeting the central bank decided to cut the 1.50% Fed Funds target by 50bps to 1.00%. As expected, the central bank also signaled future ease.
- Forex markets were active before the decision with the USD tumbling before the Fed announcement. The USD remains closely tied to the performance of share markets and probably fell more in the wake of the spike in key equity indices Tuesday than on anticipation of the Fed decision.
- The Nikkei spiked higher today. Other Asian bourses were mixed. Europe generally ended higher. U.S. bourses currently are seen closing higher.
- Markets are now gearing up for a BOJ -25bp rate cut on Friday, after such a move was signaled in the Japanese press late Tuesday.
- The 2-yr U.S. minus E-Z bond spread is -98 bps -1.8bps. U.S. bond prices have rebounded.Prices on E-Z bonds have eased.
- The USD is down vs. the EUR, GBP, CHF and JPY. The key focus on Thursday will be weekly jobless claims.
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