Thursday November 6, 2008 - 19:22:51 GMT
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FX Blog- GVI Forex Analysis: Far East Open for November 7, 2008
GVI Forex Analysis Thread: November 7, 2008
Far East Open
- Many have been dreading the October U.S. employment report due on the N.Y. open on Friday. Jobs are expected to have fallen by -200K in the month, although some estimates are even for a worse outcome. The markets know already that the economy is weak, but the data will indicate how weak it really is.
- The BOE certainly surprised everyone with an aggressive 150bp rate cut to 3.00%. A cut of -50bps had generally been expected. The BOE played catch-up with this move. It had fallen way behind the curve. The ECB chose to remain well behind the curve by easing by only -50bps to 3.25%. The SNB eased as well.
- Asian bourses tumbled on the back of the Wednesday U.S. gain. European bourses closed sharply lower on disappointment with the ECB decision. The current call for the U.S. close is for lower share prices.
- The 2-yr U.S. minus E-Z spread is -10 bps +8 bps. U.S. bond prices are lower E-Z bond prices are better.
- The USD is higher vs. the EUR, GBP and CHF. The JPY is better. The AUD, CAD and NZD are mostly weaker. Gold and oil are weaker. See the GVI calendar for an updated schedule of data releases in the two weeks ahead.
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