Tuesday October 6, 2009 - 09:46:23 GMT
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GVI Forex Discussion Points 6 October 2009 Morningfrom...
GVI Forex Discussion Points
"The markets have seen major developments early Tuesday. The Reserve Bank of Australia raised rates by 25bps to 3.25%, for domestic reasons, but the markets took the decision as the start of a global effort to start to remove excess liquidity from the system. Surprisingly, virtually everyone had been prepared for a rate hike before yearend for months. It was only the timing that surprised some, including us.
A press report that Gulf Arab states have been in talks with Russia, Brazil, China, Japan and France to denominate oil sales in something other than dollars has slammed the U.S. currency. This change would take place gradually over a nine year period. The story has been denied by the Saudi central bank. We have not seen a denial yet by a key player in this story. â€śWhere thereâ€™s smokeâ€¦â€ť This would be a significant blow to the U.S. as a reserve currency and has weighed on the unit. "
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