Thursday November 20, 2008 - 20:13:13 GMT
Share This Story
Global-View - www.global-view.com
FX Blog- GVI Forex Analysis: Far East Open for November 21, 2008
GVI Forex Analysis Thread: November 21, 2008 : Reply Edit Delete
Pre-Far East Open
- Thursday was yet another difficult day for the markets. Politicians who apparently have no concept of the precarious state of the financial markets played brinksmanship with the bailout loan plan for the big three automakers. So much for ‚ÄúCHANGE‚ÄĚ.
- The ups and downs of the prospects for a bailout of the auto industry saw equities trade likea yo-yo over the daty with key currency pairs following stocks.
- The yield on the two-year note has fallen to a new low of 1.03%, -6bps from depressed Wednesday levels. Risk aversion has driven capital into short-term government bonds.
- Far East bouses fell broadly today. European bourses fell also. The early call for the close of U.S. shares is for lower. Weekly U.S. jobless claims on the open were shockingly weak once again.
- Trading off equity indices remains the only game in town. Surprisingly little seems has come out of the lame duck session of Congress, given the critical state of the financial markets. It appears that the Congress will return after the Thanksgiving break on December 8.
- The 2-yr U.S. minus E-Z spread is -102 bps +8 bps. U.S. bond prices are better. E-Z bond prices have improved as well.
- The USD higher vs. the EUR and CHF from late Wednesday. The JPY is firmer and the GBP is down sharply. The volatile commodity currencies (AUD, CAD and NZD) are weaker. Oil is weak and has broken the $50 line. Gold is higher (flight to safety?). See the GVI calendar for an updated schedule of data releases in the two weeks ahead.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."