Tuesday November 4, 2008 - 10:40:43 GMT
Share This Story
Global-View - www.global-view.com
FX Blog- USD Trading Outlook: New York Open for November 4, 2008
USD Trading Outlook:
New York Open for November 4, 2008
- The RBA decision to cut by -75bps to 5.25% is being seen as an aggressive step and putting pressure on the BOE and ECB for significant ease om Thursday. There has been increasing deflationry talk creeping into economic commentaries recently as economic data everywhwere seems to be very weak.
- The key focus today will be the results of U.S. Presidential elections. The key states for McCain are in the East, so thios should not be a late night. If he is going to upset Obama he would need to win Pennsylvania. Theoretically he could without it, but that would be a very difficult path. As noted, Indiana is a bellwether state and its results will also be known early. If the polls can be trusted, Obama is likely to garner a wide victory over McCain. The outcome of the House and Senate elections are as important. The Democrats are seen controling both bodies. The key question is whether they get 60 seats in the Senate. 60 seats would give them a filibuster-proof majority.
- Asian bourses were mostly higher. The Nikkei advanced strongly. European bourses are mostly higher. U.S. equities look to be opening higher later.
- The 2-yr U.S. minus E-Z bond spread is -101 bps +4 bps. U.S. bond prices are weaker. Prices on E-Z bonds are up.
- The USD is down vs. the EUR and CHF. The GBP and JPY are narrowly mixed. The AUD, CAD and NZD are higher. Markets seem to be reacting positively to higher share markets. See the GVI calendar for an updated schedule of data releases in the two weeks ahead.
Forex Trading News
Daily Forex Market News
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
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."