Monday December 1, 2008 - 10:37:05 GMT
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FX Blog- GVI Forex Analysis Thread: December 1, 2008
GVI Forex Analysis Thread: December 1, 2008: Reply Edit Delete
Pre-New York Open
- The first full week of most months tends to be an active one for the central banks. Inrerest rate cuts are expected just about across the board. The Bank of Japan has aloso called an emergency meeting for tomorrow. It will announce that additional liquidity will be made available to the banking system. Interest rates are already virtually at zero (0.30%).
- Japan is is discussing tax changes that could encourage capital repatriations by corporations.
- The USD is mostly firmer early on Monday, following a slew of record PMI manufacturing data releases from Europe. The U.S. ISM manufacturing PMI is due later and is expected to be weak as well.
- Bourses in the Far East closed mixed to lower. European exchanges are weak at this hour. The early call for the open of U.S. exchanges is for lower.
- The 2-yr U.S. minus E-Z spread is -112 bps +6 bps. U.S. bond prices are higher. E-Z bond prices have advanced as well.
- The USD is higher vs. the EUR, CHF and GBP from late Friday. The JPY has advanced. The volatile commodity currencies (AUD, CAD and NZD) are trading weaker. Oil is softer, but is holding the critical $50 line. OPEC decided to hold production steady but discussed an explicit $75 a barrel target price for oil. Gold is easier. See the GVI calendar for an updated schedule of data releases in the two weeks ahead.
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