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Wednesday November 19, 2008 - 10:26:58 GMT
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FX Blog- GVI Forex Analysis: N.Y. Open for November 19, 2008
Pre-New York Open
- Markets seem to be waiting for something, but its not clear what. Whatever they are waiting for hopefully will provide some stable direction. Trading off equity indices is proving to be a difficult task.
- Not much direction is likely to be coming from Washington as a major political transition is underway with increased Democrat control of the Congress and a new President are waiting in the wings. The Bush Administration will be in control until three weeks into January.
- Far East equity markets closed mostly weaker. European bourses are mostly down, and the outlook for the open of U.S. shares is for weaker.
- The 2-yr U.S. minus E-Z spread is -103 bps -1 bps. U.S. bond prices are better. E-Z bond prices have improved as well.
- The USD is steady vs. the EUR and JPY from late Wednesday. The CHF is weaker and the GBP has improved. The volatile commodity currencies (AUD, CAD and NZD) currently are lower on the day. Gold is higher and oil is off very slightly ahead of weekly energy inventories today. See the GVI calendar for an updated schedule of data releases in the two weeks ahead.
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