10/21/2007 - Credit concerns, weak earnings reports pummel USD, carry trades |
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* Credit concerns, weak earnings reports pummel USD, carry trades
* Interest rate expectations reverse sharply to favor an Oct. 31 FOMC cut
* G7 unlikely to voice explicit concern on currencies
* More weak US housing data coming up, keeping pressure on USD
Just a week ago, financial markets looked to be further on the mend and it seemed as though the worst of the summer's credit market crisis was past. Stocks were still on their highs, the USD was steadying on the back of reduced expectations of Fed rate cuts, and carry trades were making fresh highs after the July/Aug wipeout-all signs of markets normalizing and risk-taking behavior returning. But that was a week ago. Full text »
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