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Tuesday November 18, 2008 - 20:25:31 GMT
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FX Blog- GVI Forex Analysis: Far East Open for November 18, 2008
Pre-Far East Open
- One focus of trade today was House testimony by Secretary Paulson, Fed Chairman Bernanke and FDIC Chief Bair. Not much progress was made on the TARP program update, but Paulson did make the point that the financial system has been stabilized.
- Risk-aversion was on and off the on the table on Tuesday, as key global equities continued to probe for a floor. Traders are now facing concerns about a possible â€śL-shapedâ€ť global recovery rather than a â€śVâ€ť or a â€śUâ€ť. Markets still buy USD in a kneejerk reaction to weak equities.
- Far East equity markets closed mostly weaker. European bourses improved, and the outlook for the closing of U.S. shares is for higher.
- The 2-yr U.S. minus E-Z spread is -102 bps -5 bps. U.S. bond prices are better. E-Z bond prices improved as well.
- The USD is higher vs. the EUR, CHF, GBP and JPY from late Monday. The volatile commodity currencies (AUD, CAD and NZD) currently are lower on the day. Gold is steady and oil is off very slightly. See the GVI calendar for an updated schedule of data releases in the two weeks ahead.
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