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U.S. One and Three month LIBOR moved higher for a second straight day

Fri, Nov 14 2008, 14:11 GMT
by Wachovia Research Team

Wachovia


The Eurozone has moved into its first technical recession ever after data released overnight showed Q3 GDP of -.2% following negative Q2 growth. The EUR has given up gains made on the back of a US Equity rally made last afternoon.

Yesterday the GBP reached an all time low versus the EUR and GBP/USD continued to move lower for a third straight day.

EUR/JPY dropped significantly as risk aversion in the market continues to drive the unwinding of carry trades. The yen gained strength relative to the dollar over night as well. It has moved over 1% lower, relative to where it closed yesterday.

U.S. One and Three month LIBOR moved higher for a second straight day, indicating that the credit freeze may not yet be thawed.

Data releases for today included Retail Sales which was reported lower then expected. University of Michigan Confidence and Business Inventories will come out later this morning.


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libor, eurusd, us, retailsales, usdjpy

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