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Wednesday December 17, 2008 - 10:49:15 GMT
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FX Blog- GVI Forex Anaysis: Pre-New York Open for December 17, 2008
Pre-New York Open
- The forex markets have taken the historic Fed easing decision yesterday as a USD negative. However, fixed income and equity markets took it as a constructive decision. These two views will have to be reconciled in time.
- End of year trade continues to see the USD vulnerable against the European currencies. We heard that the EUR/USD upside Tuesday encountered no selling orders. Presumably the recent volatility in the markets and yearend has caused many to reduce their profiles. USD weakness is often expected as a seasonal pattern by traders.
- Gold and oil are mixed again OPEC is expected to reduce production by 2mln bbd effective January 1 to reduce excess supply. Weekly energy data today are expected to see builds.
- Far Eastern bourses closed higher. European bourses care currently softer. The current call for the U.S. open is for up lower. U.S. Bond prices have corrected as well.
See the GVI calendar for an updated schedule of data releases in the two weeks ahead.
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23:50 JP- Tankan Survey
Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
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17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays
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