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Wednesday November 19, 2008 - 20:49:48 GMT
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FX Blog- GVI Forex Analysis: Far East Open for November 20, 2008
Pre-Far East Open
- Risk aversion was back on the table on Wednesday. Concerns about the global economy were most evident in equity and fixed income markets. The financial services stocks were particularly hard hit.
- Forex markets to go nowhere fast on Wednesday. Traders 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 continues to be the only game in town. 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.
- Far East equity markets closed mostly weaker. European bourses ended mostly down, and the outlook for the close of U.S. shares is for sharply weaker.
- The 2-yr U.S. minus E-Z spread is -111 bps -8 bps. U.S. bond prices are better. E-Z bond prices have improved as well.
- The USD is higher vs. the EUR and CHF from late Wednesday. The JPY is firmer and the GBP is still modestly higher. The volatile commodity currencies (AUD, CAD and NZD) currently are now sharply weaker on the day. Oil is weaker after weekly energy inventories today. Gold is down modestly. See the GVI calendar for an updated schedule of data releases in the two weeks ahead.
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