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Tuesday December 23, 2008 - 10:35:27 GMT
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FX Blog- GVI Forex Analysis:Pre-New York Open for December 23, 2008
Pre-New York Open
- Today sees a slew of data from the U.S. revisions to 3Q08 GDP are awaited on the U.S. open, and then later the University of Michigan sentiment index and new and existing home sales. Home sales data are expected to remain weak.
- This late in the year, no lasting reaction to the data is expected. Wednesday morning in the U.S. will see another slew of data releases. Wednesday will effectively be a holiday in most markets. Thursday and Friday are holidays in most centers.
- As noted yesterday, it all boils down to capital flows now. The markets in the past week or so have shown little capacity to accomomate large transactions. This is a good time to reduce leverage. A typical pattern is for traders to square up before Christmas and then start to position for 2009 before New Years. Traders will be less bold this year than previously.
- The EUR/USD is still pivoting the 1.40 line, but seems to get a nosebleed above that line. EUR/GBP remains a focus as it relentlessly heads towards the 100 line.
- Far Eastern bourses closed easier. Japan was closed. European bourses are higher. The current call for the U.S. open is for higher. U.S. Bond prices are firmer. See the GVI calendar for an updated schedule of data releases in the two weeks ahead.
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