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Currency Currents

Key News
 Bank of England Cuts Interest Rate by 1.5 Points to Lowest Level Since '55 (Bloomberg)
 The European Central Bank cut its main lending rate by 50 basis points. (Bloomberg)

Quotable
“Doubt is not a pleasant condition but certainty is an absurd one.” Voltaire

FX Trading – Central Banks in Europe Exciting This Market

Today is interest rate day! That is, the Bank of England and the European Central Bank culminate their most recent monetary policy discussions and announce changes to their benchmark interest rates. The BOE actually just decided to cut rates a full percentage point, i.e. 150 basis points. This was a surprise. The ECB cut ...

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Currency Currents

FX Trading – We know it’s never easy and there is no Holy Grail. But…

…we are big believers that after following the chain of price action, sooner or later, it all comes back in some way to the rate of interest. Interest rates are the core of all things financial, though the link may be seemingly distorted at times.

From Bloomberg this morning:
“Credit markets are still creaking even after the biggest decline on record in the rate banks say they charge each other to borrow dollars.

“The London interbank offered rate, or Libor, for three- month loans fell to 2.51 percent today, from 4.82 percent on Oct. 10.”

Now take a look at a very interesting ...

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Currency Currents

Key News
• Australia Central Bank Lowers Interest Rate Larger‐Than‐Expected 75 Points
(Bloomberg)

• Emerging‐Market Stocks Extend Record Rally, Paced by Thailand, Indonesia
(Bloomberg)

Quotable
In honor of today’s US Presidential Election finale, I thought a couple well‐formed
thoughts on voting would be appropriate. Enjoy.

“Vote: the instrument and symbol of a freeman's power to make a fool of himself and a
wreck of his country.” ‐‐ Ambrose Bierce

“Perhaps the fact that we have seen millions voting themselves into complete
dependence on a tyrant has made our generation understand that to choose one's ...

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Currency Currents

Key News The European Commission said the region's economy probably entered a recession this year and will stagnate in 2009. (Bloomberg)
Key Reports Due (WSJ):
10:00a.m. Sep Construction Spending: Expected: -0.7%. Previous: Unch.
10:00a.m. Oct ISM Manufacturing Business Index: Expected: 41.5. Previous: 43.5.

Quotable

“Historically, economists have evaluated the economy’s overall leverage in terms of nonfinancial debt. The theory for this is that the financial sector takes on debt in order to make loans for the nonfinancial sector; thus, to include financial debt would result in double counting. The logic of that approach is not valid in the current situation. ...

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• US debt as % of GDP.bmp (313.9 KB, 55 次查看)
• Oil,Gold,AUDUSD 240 min.bmp (563.5 KB, 64 次查看)