Algorithmic Trading One Line News
automated trader rss feed

FX Update

Posted:24/11/2008 7:09 by Peter Burnside
FX trading flows were dominated by the breaking news on the Citigroup bailout. Currencies and USD-JPY rallied at the open in Asia to 96.07, finding residual support from the strong, late rally on Wall Street on Friday. Gains in currencies and USD-JPY then stalled and the focus turned to the breaking news in the press and on CNBC television on the Citigroup bailout. Trading was also thinned by today's Tokyo holiday. Initial indications of the bail-out suggested that it may not occur until later in the week, taking USD-JPY and currencies off their highs and weighing on Asian stocks with USD-JPY falling back under 95.00 briefly. Then CNBC released the first indication of a $20 bln capital injection. Currencies and USD-JPY bounced to 95.50/55 but there was no follow-through either on the currency moves or in the bail-out. Finally, a WSJ article with the details of the $300 bln support measures and capital injection emerged but AUD, NZD and USD-JPY remained below morning highs and CAD and EUR could not break the highs seen in the morning. Asian stock markets were mostly negative though DJIA futures made gains after the Citi news. Gold and oil prices were up slightly. click here to return to the top of the page
  • Copyright © Algorithmic Media Ltd 2009
http://www.traderslaboratory.com You need to upgrade your Flash Player