Monday November 17, 2008 - 10:37:47 GMT
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FX Blog- GVI Forex Analysis: N.Y.Close for November 17, 2008
GVI Forex Analysis Thread: November 17, 2008
Pre-New York Open
- The lack of a definitive outcome from the G20 meeting over the weekend was unsurprising, but still a disappointment to some. Inessence the group decided to meet again before the end of April. In retrospect, its had to imagine what the group collectively could have decided to do. There were just too many participants involved. Also the U.S. is saddled with a lame duck government.
- The U.S. se the Empire State PMI report and industrial production data today.
- Gloom about the global economy persists. Far East bourses ended mixed. European bourses are lower. Key U.S. indices are currently seen opening modestly higher.
- The 2-yr U.S. minus E-Z spread is -98 bps +4 bps. U.S. bond prices are lower. E-Z bond prices are steady.
- The USD is now steady vs. the EUR, CHFand JPY from late Friday. The GBP ontines to be the focus of market gloom. The JPY is seen as being in the best position heading into a period of economic weakness.. The commodity currencies (AUD, CAD and NZD) currently are higher. Gold is steady and oil is softer. See the GVI calendar for an updated schedule of data releases in the two weeks ahead.
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