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Alaron Currency Comment
CHICAGO - Oct 8/08 - SNS -- Following is the currency futures comment from Alaron Trading Corp.
Japanese Yen (JYZ8):
The JY opened higher at 1.0040 after a 'co-ordinated' effort by the Fed and a number of Central Banks, excluding the BoJ, cut s/t rates by 50bp. Carry-traders exited high-yield trades and covered short JY positions, sending prices to a morning Hi of 1.0143. Concerns that banks are not making funds available continue to weigh on equity markets, as credit markets remain tight. Prices rose to a mid-day Hi of 1.0158 as we move into the afternoon session.
Dollar Index (DXZ8):
The DX opened lower at 80.81 and slid to a morning Lo of 80.59, before rising to a morning Hi of 81.23, despite the 50bp cut in Fed Funds and the Discount Rate. Prices slid to a mid-day level of 80.92 as we enter the afternoon session.
British Pound (BPZ8):
Canadian Dollar (CDZ8):
Euro Currency (ECZ8):
Bob Kozak
Alaron Research Team
800.462.4691
bkozak.com
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