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SUMMARY
The U.S. dollar opened lower amid continued U.S. and British air strikes on
Iraq. President Clinton continues to juggle Middle Eastern military action
and tries to ward off impeachment. The October trade deficit narrowed in
October to $14.19, the lowest level in six month. Japan's central bank gave
an upbeat assessment of their economy, but warned that a full-scale recovery
remains distant.
ASIA
Japan's central bank stated that the government's latest economic package
and tax reform programs, announced on Wednesday, will bring about large
demand in the economy. The Liberal Democratic Party has proposed tax cuts
of 9.3 trillion yen in the coming year, on top of an already promised 6.3
trillion-yen in income and corporate tax cuts. The BOJ warned that an
immediate self-sustained recovery in the private sector was not expected and
any full-scaled recovery remained distant, but that financial conditions
were improving.
EUROPE
In London, November's retail sales increased by .8% further supporting the
GBP. The figure was stronger than expected and surprised many economists.
October's data was also revised reflecting stronger retail demand. U.S.
impeachment issues and the bombing of Iraq also helped to support the GBP.
The German Bundesbank did not hold a press conference after today's meeting,
but many analysts feel that the Bundesbank may trim its Lombard rate to
ensure a smooth transaction into the EMU.
AMERICAS
Trouble continues to loom for the U.S., as the presidential impeachment vote
gets delayed until air strikes against Iraq are completed. Crude oil prices
corrected Wednesday's gains, as profit takers gambled that military
conflicts would not significantly disrupt supply. Traders are keeping a
close eye on the Dow, which is expected to trade neutral or slightly higher
today.
Respectfully,
Richard Chehovin
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