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Monday December 15, 2008 - 10:52:06 GMT
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FX Blog- GVI Forex Analysis: Pre-Far New York Open for December 15, 2008
Pre-New York Open
- Trade is still active as the markets head into the end of year period. The fundamental focus remains on the auto bailout plan. The world did not end after an accord was not reached over the weekend, but the fuse on some of the firms is very short. The last thing the U.S. needs is another financial shock.
- The extent of the exposure to the Madoff fraud continues to be uncovered. The losses were large enough that institutions around the globe have been impacted by the mess.
- Far Eastern bourses closed sharply higher despite a poor quarterly Tankan survey from Japan. European exchanges are higher and the current call for the U.S. open is for modestly weaker. U.S. Bond prices are a bit weaker. Many are looking ahead to additional Fed ease tomorrow. It will be hard to react to additional Fed ease.
- The USD continues to fall vs. Europe. The JPY has gained. The volatile commodity currencies are higher in response to the lower USD. Gold and oil are higher.
- Key data U.S. Monday include: the Empire PMI, TIC data and Industrial Production. See the GVI calendar for an updated schedule of data releases in the two weeks ahead.
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