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Monday December 22, 2008 - 10:45:46 GMT
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FX Blog- GVI Forex Analysis: Pre-New York Open for December 22, 2008
Pre-New York Open
- As Jay mentioned earlier, it all boils down to flows now with the Christmas holidays already at hand. The economic data calendar is working against traders as well with no major releases left today and most of the end of month data pushed forward to Tuesday and Wednesday morning. These markets in the past week or so have shown little capacity to accomomate flows.
- The typical pattern this time of year for fund managers is t square up before Christmas and then to start to position for the new year before the New Years break. Odds are traders will be a bit less bold than in previous periods.
- The EUR/USD has beebn testing above the 1.40 line today in Europe, but it might be getting a nosebleed up here, it all depends on future flows if this level can be sustained. EUR/GBP remins a focus at is moves relentlessly towards its 100 target. The extent of FX price volatility in recent weeks has been remarkable and certainly meets the central bank test of â€śdisorderly marketsâ€ť.
- Far Eastern bourses closed mixed. European bourses are lower. The current call for the U.S. open is for lower. U.S. Bond prices are about steady. See the GVI calendar for an updated schedule of data releases in the two weeks ahead.
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