Tuesday November 6, 2007 - 21:17:08 GMT
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FX Blog: Market Snapshot Far East Open
GVI Market Snapshot-- Far East Open
- RBA expected to hike rates by +25bps at 22:30 GMT.
- Ongoing write-down rumors a worry for rumors.
- USD reportedly saw sell orders again today from sovereign holders.
- The markets are looking ahead to the ECB policy signal for December on Thursday. November rates will most likely be held steady. The bias is for a future rate hikes when conditions warrant.
- Fed Chair Bernanke testifies on Thursday. There is little doubt that 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.
- Commondity currencies, gold and oil are back bid.
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