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</x-html>From ???@??? Fri Dec 25 23:23:43 1998
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Date: Tue, 15 Dec 1998 12:31:06 -0700
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From: "Richard Chehovin" <galacticfxinternational@xxxxxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: GFX Market Update
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DENVER, CO, USA - 12/15/98 - 12:30
SUMMARY
The dollar is broadly higher this morning receiving a boost from oversold
technicals and an early sign of a DJIA snap-back. The unit was higher
against the yen after comments from Japan's EPA's Sakaiya stated the rapid
rise in the yen was bad for external demand. The dollar's rise will be
capped by continued uncertainty surrounding the Clinton impeachment hearings
and thin, year-end conditions.
EUROPE
Duisenberg, head of the ECB, argued against further interest rate cuts,
saying that monetary policy cannot stimulate growth and that real DEM money
market rates are at historical lows. Sterling remains strong as it retains
its safe haven appeal in the countdown to the launch of the Euro currency,
as investors remain wary of unknown territory. The unit also remains a high
yielder with interest rates of 6.25%, which are more than double the level
in core European countries launching the Euro.
ASIA
The Nikkei ended off 100 points on selling in the banking sector as
investors fear further nationalization of banks. The AUD strengthened
overnight on a bounce in the CRB, an offshore slide in the USD and a bout of
short covering on AUD/YEN.
NORTH AMERICA
The US November CPI rose 0.2% reflecting tame inflation across a broad array
of sectors. A glut of oil on the world market has depressed energy prices,
helping to keep the CPI low. The CAD dollar is range trading and taking a
cautious view ahead of the impeachment vote on Thursday.
EMERGING MARKETS
The Brazilian stock market continues to be under pressure, ending 8% lower
on Monday. The market fears that the Brazilian congress will continue to
resist passing reforms. Thailand lowered interest rates across the board,
cutting rates to 13% from 13.75%. In Malaysia, PM Mahathir, in a speech at
the ASEAN summit in Hanoi, reiterated that capital controls imposed in
September would stay in place until the international financial system is
reformed.
Respectfully,
Richard Chehovin
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