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09:01 2007/10/25
European Forex Recap
??? The Japanese Yen rose against the world's 16 most-active currencies after the New York Times said Merrill Lynch & Co. will report $7.5 billion of writedowns, prompting investors to sell higher yielding assets bought with loans in Japan. The Japanese currency also gained as stocks dropped, reducing demand for carry trades and the crosses. Merrill will add about $2.5 billion of losses related to the global credit slump to the $5 billion announced earlier this month. U.K names were noted as sellers of Euro Yen and Dollar Yen.
??? Euro eased down against the dollar as the yen crosses weighed on the Euro and Sterling. In the absence of substantial economic data overnight. The market looks into the U.S. Existing Home Sales later at 10:00am today where the consensus calls for 5.3 million this month compared to 5.5 previously.
??? Dollar Swiss was bid at the European open from 1.1725 to test 1.1775.
??? European technology stocks rose after STMicroelectronics NV, the region's largest maker of semiconductors, said it expects sales to increase this quarter as the company delivers more chips to mobile-phone makers.
??? Asian stocks fell erasing early gains, after the New York Times reported Merrill Lynch & Co. will probably add $2.5 billion more in losses in the wake of the U.S. subprime mortgage crisis in addition to the $5 billion reported earlier this month. Toyota Motor Corp. and Canon Inc. slid after the yen strengthened against the dollar following the report, reducing the value of their overseas sales.
??? Oil eases down below $85 per barrel retreating for the fourth session on forcasts that OPEC will increase oil output in November. Reuters reports a small offensive of Turkish warplanes and ground troops attacked Iraq Kurdish rebel positions. se yesterday: +109.26 points (+0.81%)
??? Asian Stocks closed: Nikkei -92.19 (-0.56%), Hang Seng -43.33 (-0.15%), Australian S&P -26.50 (-0.40%)
??? European Stock Market: DJ Stoxx -0.99 (-0.029%), FTSE +29.90 (+0.13%), CAC +3.80 (+0.07%), DAX -7.08 (-0.09%)
Upcoming Economic Data
7:00 am U.S. Mortgage Market Index (weekly)
10:30 am EIA Petroleum Status Report
10:00 am U.S. Existing Home Sales (Sept)
Trading Ranges 11:00 pm ??“ 7:00 am EST
11:00 pm HIGH LOW 7:00 am
GBP/USD 2.0500 2.0510 2.0424 2.0483
EUR/USD 1.4260 1.4268 1.4187 1.4217
USD/JPY 114.71 114.83 114.15 114.17
USD/CHF 1.1728 1.1775 1.1716 1.1744
AUD/USD 0.9031 0.9042 0.8935 0.8963
NZD/USD 0.7558 0.7570 0.7467 0.7507
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