MORNING BRIEFING: The Dollar under further pressure, Obama's visit to Asia.

[RTFX-Trading]

MORNING BRIEFING: The Dollar under further pressure, Obama's visit to Asia.

What’s new:
Switzerland: M17 world champion.
Oil: ends down - concerns about demand.
EDF: Evans said that the Fed has looked at ways to tighten policy.
US: Net degradation of consumer spending.
US: trade deficit widens by 18.2% in September.
France: 0.30% growth in Q3, less than expected.
Greece: in recession for the first time in 16 years.
Euro area: out of the recession in the 3rd quarter.

Today:


Rates in Asia and Indices:
EURUSD: 1.4993 - 1.4918.
USDCHF: 1.0120 - 1.0065.
EURUSD: 1.6752 - 1.6686.
EURJPY: 134.34 - 133.57.
USDJPY: 89.70 - 89.39.
Dow Jones: 10'270 +0.72%.
NASDAQ: 2'167 +0.88%.
S & P 500: 1,093 +0.57%.
Nikkei: 9'791 +0.21%.
Shanghai: 3'267 +2.49%.
Gold: $1'128.
Crude oil: $77.33.
 
Comments:
The Dollar is back down close to 1.5000 against the Euro, to 1.6750 against the Pound Sterling and to 1.0050 against the Swiss Franc after the publication of various statistics. The trade deficit the United States widened by 18.2% in September, more significantly than expected and a level not seen for over 10 years.

This week’s important event is the visit by the President of the United States, Barack Obama, in Asia, who should particularly mention the issue of Chinese Yuan during his visit to China. Retail sales in the United States will be announced today and the activity reports are expected this week will provide guidance on the health and mood of American households approaching the crucial period of Christmas. The President of the Federal Reserve Ben Bernanke is giving a speech today; his comments could determine the direction of the Dollar until late 2009.

Have a good day.

Nicolas Longchamp
RTFX Ltd
Head Office
The Cornerstone Complex, 16th September Square | Mosta MST 1180 | Malta
Tel:  +356 23 31 00 00
Fax: +356 21 41 24 58
Web: www.rtfx.com

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