After reading this dispatch from South Korea this morning, I now learn otherwise…
Many houses were blackened, half-collapsed or flattened, the streets littered with shattered windows, bent metal and other charred wreckage. Several stray dogs barked as they sat near destroyed houses. A group of South Korean marines carrying M-16 rifles patrolled along a seawall as the sun rose from the ocean.
US equities are well off earlier lows in the cash market and even stronger relative to lows seen in the futures markets.
S&P futures were down over 15 points overnight on renewed tensions on the Korean peninsula but are now down just 5 points as a busy “Black Friday” shopping day raises hope that retailers will have a strong holiday season. That would boost GDP…
Looks like we could bounce toward 1.32900/3300 technically after double bottoming near 1.3200.
USD/JPY is rallying as well, breaking 84.00 with relative ease and trading up to 84.08 so far. 84.20 stops are rumored.
A second test of the 1.3200 area failed to trigger a barrier at that level and we’ve rebounded to the 1.3240s. A move above 1.3245/50 suggest we rebound toward 1.33 before all is said and done.
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Having seen levels above 1.00 in the last month, Aussie corporates are taking advantage of today’s weakness to do some repatriation. They’ve been buyers in the high 0.9620-low 96.30s in recent trade. Asian central banks have been buyers in the 0.96-teens, perhaps defending at 0.9600 barrier.
USD/JPY is chipping away at offers in the high 83.90s as the dollar melt-up continues. Large stop-loss buy orders are seen in the 84.20 region, traders report.
Spanish economy minister Salgado says she will speak will speak with her fellow ministers this weekend on the euro.
No Need to talk of a bailout for Portugal as measures are to be adopted within their budget, she says…
Anglo Irish, Allied Irish, Bank of Ireland all downgraded multi-notches by S&P.
EUR/USD down near session lows of 1.3200 where China is defending a barrier.
Oh goody! Something new to look forward to!
With Spain, the problem right now is not so much he public debt as the likelihood that bank debt will eventually become public debt, like in Ireland…Both countries had massive US-like property bubbles (which of course are the fault of George Bush because he didn’t rein in Spanish banking regulators and Irish property developers..)
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