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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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