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Asian FX market: majors open unchanged after weekend

By   || November 22, 2009 at 20:12 GMT
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EUR/USD is at 1.4865, cable 1.4510 and USD/JPY 88.85 after a relatively uneventful weekend. The factors affecting the market at the moment are:

  • market sentiment as global stimulus packages start to wind down
  • the value of the CNY
  • intervention in emerging markets’ currencies
  • the rising gold price
  • possible problems in the European banking sector
  • market positioning

The latter factor always takes on increasing importance in December as positions are unwound and markets are traditionally thin and volatile.

Good luck today.

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