Wednesday December 3, 2008 - 20:54:28 GMT
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FX Blog- GVI Forex Analysis Thread: December 4, 2008
GVI Forex Analysis Thread: December 4, 2008
Pre-Far East Open
- The focus of forex trade remains on equity markets, and it was remarkable today that share prices tried to sell off on several poor economic indicators, but that prices continued to bounce back. We often say that its not the news, but the market reaction to news that matters. This strategy could see a couple more tests this week with two more poor employment reports expected.
- The ADP private employment report was weaker than expected Wednesday. It implied a fall in non-farm payrolls of about -350,000 on Friday. The PMI Service indices released for the E-Z, U.K. and U.S. were even weaker than forecast. Weekly jobless claims (see 540K) will be a key feature Thursday.
- Far East bourses closed generally higher today. European exchanges closed higher, and the early call for the close of U.S. shares is for higher.
- Significant interest rate cuts are expected Thursday by the ECB and BOE. The BOE is expected to ease by another -100 bps to 2.0% and the
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