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FX Update: Asian Summary

Posted:01/12/2008 7:14 by Peter Burnside
The USD traded on a firm footing in Asia on expectations of rate cuts in the euro zone, UK, Australia and New Zealand this week. Over the weekend, and following data today, the expectations for the size of the rate cuts by these central banks became more aggressive, adding to support for the USD. JPY firmed as well on risk aversion as DJIA futures and the Nikkei came under pressure and JPY crosses against these currencies weakened on the rate outlook. EUR/USD, which had fallen sharply in London on Friday on poor data, fell to lows of 1.2620 before bouncing to 1.2693 into the European open. GBP/USD slumped to 1.5282 before recovering to 1.5350. AUD/USD dropped to 0.6440 and edged back to 0.6475. NZD/USD traded to 0.5410 with only a slight bounce to 0.5420. USD/JPY, which slumped early in the session, consolidated between 95.20-95.40 much of the trading day. Asian equity markets were mixed with Australian and Japanese stocks down but gains seen in Taiwan and Hong Kong. Oil, gold and base metals were lower with oil losing over $1 in the afternoon after Opec failed to cut consumption. click here to return to the top of the page
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