MORNING BRIEFING: Dubai Debt revives fear of Financial Crisis. Major sell off in ‘Carry Trades’

[RTFX-Trading]

MORNING BRIEFING: Dubai Debt revives fear of Financial Crisis. Major sell off in ‘Carry Trades’

What’s new:
Japan: Finance Minister raises prospect of G7 statement on currencies.
Asia: Yen hits another 14- month high against the Dollar.
Asia: Markets slump on Dubai Debt fears.
United States: Wall Street seen opening at -3 percent.
United States: Markets closed for Thanksgiving weekend.

Today:



Overnight Rates and Indices:
EURUSD: 1.5019 – 1.4828.
USDCHF: 1.0176 – 1.0026.
GBPUSD: 1.6532 – 1.6272.
EURJPY: 132.03 – 131.01.
USDJPY: 86.59 – 84.81.
DowJones: Closed
NASDAQ: Closed
S&P 500: Closed
Nikkei: 9’081 -3.22%.
Shanghai: 3’096.27 -2.36%,
Gold: $1’157.20
Crude Oil: $73.79
 
Comments:

The Yen hit a 14-year high versus the Dollar under 85, and rallied across the board on Friday, while the Dollar gained against most other currencies as investors cut their exposure to riskier assets and carry trades on worries about Dubai's debt problems.

Japan’s Finance Minister raised the prospects of a joint statement from G7 to cool off the Yen’s rise against the Dollar. Sources said Japan’s government and the BoJ were looking at Dollar/Yen rates with commercial banks. The Japanese authorities are seen as moving one step closer to intervening to halt the Yen’s rise.

Have a nice week end.

Emman Xuereb

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