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Tuesday December 9, 2008 - 10:36:16 GMT
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FX Blog- GVI Forex Analysis:Pre-New York Open for December 9, 2008
Pre-New York Open
- This week sees little in the way of key U.S. economic data, so the price action should be dominated by flows.
- On Monday, forex markets followed the lead of equities, mainly because it is working. By this point we have to assume that the risk profile of the bulk of funds has been mostly trimmed.
- Asian equity indices were mixed today and European bourses are better at this hour. U.S. equities look to be opening about steady later. A partial bailout deal for the auto industry is about completed and is been constructive for stocks.
- This year saw the seasonal October equity selloff, and now the ‚ÄúSanta Claus rally‚ÄĚ could be underway. This would be bad news for the USD into yearend. A weak USD at yearend is another typical seasonal pattern.
- Today, the USD is higher vs. Europe. The JPY is firmer. The volatile commodity currencies are weaker. Gold and oil are about steady.
- The 2-yr U.S. minus E-Z spread stands at -134bps +1bps. U.S. bond prices are higher and E-Z bond prices are about steady.
- See the GVI calendar for an updated schedule of data releases in the two weeks ahead.
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