Wednesday November 12, 2008 - 20:56:10 GMT
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FX Blog- GVI Forex Analysis Thread: November 13, 2008
GVI Forex Analysis Thread: November 13, 2008-
Far East Open
- The BOE quarterly inflation report was a major development Wednesday as it kept open the door for additional aggressive ease in the near future. The GBP tumbled vs. the USD and on its crosses in response. There was market speculation that a big seller of the GBP might have been active. The markets are now waiting for the ECB acknowledge the error of its ways.
- Activity this week has been hampered by the Tuesday holiday and the slow U.S. data calendar.
- In a press appearance Tuesday Secretary Paulson provided an update on the TARP program, but made no major headlines. Dealers are looking ahead to the G20 meeting this weekend. The markets will be looking for some sort of coordinated action on the fiscal front to stimulate the global economy.
- For the rest of the week, the focus of trade will remain on the performance of the equities. Far East bourses were down today following a lower Tuesday U.S. close. European bourses ended down sharply. U.S. bourses look to be closing weak.
- The 2-yr U.S. minus E-Z spread is -109 bps -2 bps. U.S. bond prices are higher. E-Z bond prices are mixed.
- The USD is mixed from late Tuesday. The EUR and CHF are steady to lower. The JPY hs soared higher. The commodity currencies (AUD, CAD and NZD) are sharply weaker. There is market chatter that the RBA was in bidding in AUD/USD at .6350. Gold is lower and oil is down as it has broken through the key $60.00 line. See the GVI calendar for an updated schedule of data releases in the two weeks ahead.
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