Daily Forex Fundamentals | Written by Saxo Bank | Oct 22 08 07:04 GMT | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stocks continue to edge lower. Precious metals and commodities also under pressure. Calendar
What's going on?Sarkozy in a dirigist frenzy talked about setting up Sovereign Wealth Funds to buy big companies of national importance. His talk about a return to 'financial disciplin' - meaning a Bretton Woods like set-up - is also extremely discomforting. The Fed is stating that it wants to lend $540B to money-market funds troubled by investor withdrawals. BoE's Mervyn King was extremely bearish yesterday, sees risk of sharp and prolonged demand slowdown. Hedge Funds have posted record losses in September and they are also under intense pressure from redemptions. Assets closely related to hedgefund performance will be under continued pressure. Our estimates show that this is the case for EURUSD, Stocks (MSCI/S&P500), Gold, Crude Oil and to a certain extent Treasuries. They should all be edging lower towards year-end. FX
Equities
Futures
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Wednesday, October 22, 2008
Wakeup Call: GBP Collapsing On Mervyn King Comments
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