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Monday November 26, 2007 - 18:17:25 GMT
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Trade the News - U.S. Market Update

U.S. Market Update

Dow -41 S&P -9 NASDAQ -16

- U.S. Indices began the week on the upside looking to consolidate Friday's upside move. But as the morning has worn on the same underlying themes seem to have sent equities lower along with U.S. Treasury yields. Interest rate sensitive names have been weak from the get go after Citigroup cut is rating of HSBC bank along with various home building names. XLF -1.7% -2.7% Citigrop itself was the subject of another worrisome WSJ article indicating the Co. may have to take $41B more in CDO related assets onto its balance sheet. The energy complex is adding to today's losses as Jan crude gives back 1.2% to $97 on reports of an imminent Saudi production increase. The OIH tested its 50- day moving average early in the session but has since backed off into negative territory. Managed care names are one beneficiary of today's tape. UNH +0.6% AET +3.3% CI +2.5% HUM +3.4% The 10-year note future has rallied more than half a point from where it entered floor trade. The yield has fallen back below 4% to 3.97%. The long maturities are seeing better buying after the NY Fed announced plans for $8B repo settling Nov 28th and maturing in January.

- In currencies, the overall tone was one of consolidation for the USD and JPY as they piggybacked the global equity and fixed-income price action. The undertones of credit market concerns remained on the front burner and central banks continue to take notice. An analyst note from Goldman Sachs help move the USD off session lows (and European equities off their best levels) when the firm noted that HSBC could face up to an additional $12B in subprime-related write offs. The LIBOR fixing rates for Monday again highlighted the continuing stress of the short term funding operations. Sterling 2 month rates remained at fresh 6 ½ year highs. The 3-month LIBOR for the Euro, USD and GBP remain at elevated levels seem from late September. Citigroup economist noted that the major central banks seem poised to engage an easing policy stance, noting Fed may be lowering by 100bp, Citing US housing situation, higher oil prices and weakening USD. Comments in early European trading by the Swiss central bank stressed that the SNB did expect this extent of the sub- prime contagion. CNBC reported that Citgroup is facing large job cuts in the coming months as a result of subprime woes. NY Fed noted it would raise borrowing limits of securities lending from 20% to 25%. In central bank speak; the ECB's Papademos noted that the Euro-Zone currently has low inflation and that long term expectations remained anchored at this time. He later touted the standard ECB view that additional data is necessary before deciding any next rate move. Lastly Papdemos noted that price stability remains the central bank's overall objective. BOE's Bean says hitting inflation target is not an impossible task, says MPC will do what is necessary to keep CPI on track. EUR/USD at 1.4850, little changed from its opening levels in Tokyo. GBP/JPY hovering below its 100 week moving average of 225.04. The USD/JPY holding below its former subprime low of 108. 90 area. FTSE off 0.9% at 6,207; CAC lower by 0.8% at 5,476 and DAX softer by 0.4% at 7,580


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Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

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Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."

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GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Tue 31 July 2018
AA JP- Bank of Japan
A 06:00 DE- Retail Sales
A 09:00 EZ- flash HICP/GDP
AA 12:30 US- Core PCE Deflator
A 14:00 US- CB Consumer Confidence
Wed 1 Aug 2018
A Final Mfg PMIs
AA 12:15 US- ADP Private Payrolls
A 15:00 US- EIA Crude
AA 18:00 US- Federal Reserve Decision
Thu 2 Aug 2018
AA 11:00 GB- Bank of England Decision
A 13:30 US- Weekly Jobless
Fri 3 Aug 2018
A Final Services PMIs
AA 12:30 US- Employment
A 12:30 US/CA- Trade

John M. Bland, MBA
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