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Tuesday December 16, 2008 - 20:21:36 GMT
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FX Blog- GVI Forex Analysis: Far East Open for December 16, 2008
Pre-Far East Open
- The Fed made a historic policy decision on Tuesday setting as target range for Fed Funds of 0-0.25%, from a previous single point target of 1.00%. The central bank threw in the â€śkitchen sinkâ€ť and took just about every action at their disposal to support the economy and promised â€śto use all available tools to promote the resumption of sustainable economic growthâ€ť.
- Forex markets had set up for a Fed easing by buying most major currencies (not the GBP) against the USD. The U.K. is seen as the weakest economy in the G8. Data released early in the morning out of the U.S. were weaker than expected. Inflation data out of the U.K. and U.S. contributed to growing deflation worries.
- End of year trade continues to see the USD vulnerable against the European currencies. USD weakness is often expected as a seasonal pattern by traders. Gold and oil are mixed.
- Far Eastern bourses closed easier. European bourses closed higher. The current call for the U.S. close is for up sharply. U.S. Bond prices are soaring. The recent close correlation between forex and equities was back working on Tuesday. It had become less reliable recently. See the GVI calendar for an updated schedule of data releases in the two weeks ahead.
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