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Wednesday December 10, 2008 - 20:42:26 GMT
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FX Blog- GVI Forex Analysis Thread: December 11, 2008 Pre-Far East Open
Pre-Far East Open
- Asian equity markets took comfort from expectations that a bailout of the U.S. automobile sector might be at hand. This optimism did not carry forward much into Europe or the U.S. The early call now is for only a nmodestly higher U.S. close. Not much more is known into the closing of trade than was known at the open. Key to the auto deal will be if it gets sufficient support from the Senate Republicans. Equity market linkage to key currency values has broken down today.
- The volatile commodity currencies are mostly firmer. Gold and oil are higher.
- One explanation for unusual demand for treasury bills was that many equity fund managers are closing their books for the calendar year and need a safe place to park cash into January. The 2-yr U.S. minus E-Z spread now stands at -142bps 0 bps. U.S. bond prices are weaker while E-Z bond prices closed mixed.
- Key data Friday include the U.S. and Canadian October trade figures and weekly U.S. Jobless claims. See the GVI calendar for an updated schedule of data releases in the two weeks ahead
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