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Wednesday December 17, 2008 - 20:36:35 GMT
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FX Blog- GVI Forex Analysis: Pre-Far East Open for December 17, 2008
Pre-Far East Open
- The USD extended its tumble against major currencies further on Wednesday. Bank dealers cited reduced market participation for the price volatility, as many have already closed their books for the year and are under instructions not to make waves before 1Q09. This is leading to wide price swings over the day. Illiquid markets can be very dangerous to trade.
- Forex markets took the historic Fed easing decision on Tuesday as a USD negative. On the other hand, fixed income and equity markets took it as a constructive event. These two views still have to be reconciled.
- Gold and oil are mixed. OPEC announced a net 2.2mln bbd production reduction effective on January 1 to drain excess supply. Weekly energy data were bearish as key components saw builds.
- Far Eastern bourses closed higher. European bourses ended modestly softer. The current call for the U.S. close is for lower. U.S. Bond prices are up again. See the GVI calendar for an updated schedule of data releases in the two weeks ahead.
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