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FX Levels for Today September 8
Mon, Sep 8 2008, 04:18 GMT
by Abdul Khan
Overview
Friday seems soooo far away now. The overnight news that the US government will be bailing out Freddie and Fannie has all but eroded any impact that Friday's payrolls data may have had today.
The immediate reaction from the market was to sell the USD, and buy US stocks. As a result, we've seen a wide ranging rally in most currencies against the greenback, along with a good move up in the precious metals and crude oil. The question now is - how long will this last?
I think this change in mood will last about another 12 hours before the market again focuses on the global slowdown, and the fact that other US companies remain affected. As an example, the head of the Australian central bank was appearing at a Senate committee hearing today, and he all but announced another rate cut next month, and could not rule out another cut before the year's out.
Data for today
UK: PPI
UK: Industrial Production
For today:
Happy to sit on the sidelines today and see how the dust settles
Published on Mon, Sep 8 2008, 04:29 GMT
Archive
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