Wednesday November 7, 2007 - 21:33:27 GMT
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FX Blog: Market Snapshot Far East Open
GVI Market Snapshot-- Far East Open
- Verbal forex intervention may not be far away. After taking a big hit earlier, the USD is still on the back foot again and there are growing worries about the pace of its decline.
- Some say that the BIS could have been in offering EUR/USD at the 1.4700 level earlier.
- A catalyst for this latest move was a comment by a Chinese advisor who suggested that Chinese reserves should be further diversified out of the USD.
- Pro-dollar comments by Secretary Paulson were seen as ineffective.
- Commodity currencies, gold and oil are bid. $100 crude possible after energy inventories today.
- Equities are ending lower.
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