Monday November 5, 2007 - 21:26:59 GMT
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FX Blog: Market Snapshot Far East Open
GVI Market Snapshot-- Far East Open
- Malaise has been evident in equity markets on Monday ahead of the ECB policy signal for December on Thursday. November rates are most likely to be held steady. The bias is for a future rate hike when conditions warrant.
- Fed Chair Bernanke testifies on Thursday. Therre is little doubt thst he will signal that it is not the goal of Fed policy to bail out bad decisions by institutions, however he will support the broader economy.
- Nervous USD bears were concerned about the weakness in equities.
- The focus today has been on the subprime situation and on credit spreads on worries about new larger than expected write-downs.
- The JPY is firmer on ttoothless hawkish bluster from the BOJ.
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