Thursday October 30, 2008 - 09:31:57 GMT
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FX Blog- USD Trading Outlook: New York Open for October 30, 2008
USD Trading Outlook: New York Open for October 30, 2008
- Volatility monthend tomorrow in sight is the major theme. Fed decision yesterday to cut by 50bps should not have been a factor nor its gloomy economic view as both were as expected.
- Fed made a total of 120bln available in swaps line to four well capitalized emerging market nations (USD 30bln each). The cumulative amount of USD liquidity that has been injected into global markets in the past few weeks has been staggering.
- The USD remains closely tied to the performance of share markets. Better equity prices are usually seen as a USD and JPY negative. The Nikkei spiked higher by over 9% today after Tokyo announced a major new economic stimulus package. The BOJ is expected to cut rates by 25bps on Friday.
- The Nikkei spiked higher today. Other Asian bourses were mixed. Europe bourses are higher. U.S. bourses currently are seen opening higher later.
- The 2-yr U.S. minus E-Z bond spread is -94 bps +1.3 bps. U.S. bond prices are weaker. Prices on E-Z bonds have eased.
- The USD is down vs. the EUR and GBP. The CHF and JPY are softer. USD/CAD is sharply weaker. The key focus on Thursday will be weekly jobless claims and spotty market liquidity.
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