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Friday December 12, 2008 - 10:18:24 GMT
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FX Blog- GVI Forex Analysis Thread: December 12, 2008 Pre-New York Open
Pre-New York Open
- The U.S. auto bailout plan fell apart late Thursday when Senate Republicans refused to support the bill. Their primary objection to the bill was that they felt that the plan would not have restructured the industry to the point where it would have been viable. This means that their ongoing cash burn rate was such that the firms would have been back evey few months asking for billions more. The other side of the issue is that the last thing the U.S. needs is another financial shock.
- There is still an outside chance that a bridge loan could come from some other direction. Politics is the business of brinksmanship.
- Far Eastern bourses closed sharply lower on the news. European exchanges are lower and the current call for the U.S. open is for weaker. Bond prices are up sharply.
- The volatile commodity currencies are sharply lower. Gold and oil are lower.
- Key data Friday include U.S. PPI data, retail sales and the university of Michigan sentiment index. One worry about the PPI data is that it could signal a deflationary period. See the GVI calendar for an updated schedule of data releases in the two weeks ahead.
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