Wednesday November 28, 2007 - 21:24:48 GMT
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FX Blog: Market Snapshot Far East Open
GVI Market Snapshot-- Far East Open
- Market Chatter that a major middle-east player was a large buyer of EUR/USD on Wednesday. Eventually short EUR/USD stops were triggered.
- Demand for liquidity now the name of the game. Generating USD demand as funds are sucked in by U.S. institutions.
- Comments by Fed Governor Kohn thought to have signaled a Fed -25bp rae cut on December 11. Such an ease had already been priced in fr several weeks.
- The one month maturity will soon start to extend beyond yearend. The focus increasingly now wil be on yearend liquidity for the major institutions. Liquidity concerns could constrain trading activity in December.
- Equities ended up strongly in the U.S. Fixed income markets were considerably weaker.
- The commodity currencies are ending up strongly on the day. Gold and oil were weaker.
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