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The currency trend is still to the downside with the greenback likely to strengthen, expect global growth concerns to take commodity prices lower. The fact that house prices have quickened their slide before the worst point in credit markets hit last month, does not bode well for continued losses in household wealth. The US$ is weaker in the O/N trading session. President Bush has urged the passage of the legislation, australia trading analysis software thus preventing lasting damage to the economy. Futures have priced in a 28% rafael of a 50bp cut to 1.50%. To date, prices have retreated 32% from their record high print back in July. It is bound to give way to forex brokers cyprus the reality of a much weaker economy (already outlined last week by Governor Westley) once relevant data pushes into the current environment. Governor Morty last week indicated that any further slowdown in the US economy will affect areas that matter most to Canada. US law makers are going back to the drawing board and are looking to amend a set of principles for a financial rescue plan to inject fresh capital into the paralyzed credit amibroker afls markets. The loonie remained under pressure and declined the most in nearly a month as the greenback managed to appreciate against most of its major trading partners. But, with the US economy rapidly deteriorating, australia trading analysis software it does not bode well for future Canadian manufacturing exports. Falling demand is pushing down property values further and causing record foreclosures to mount. The naysayer will have to be convinced by delayed promises, to get their vote and push through the toxic waste plan. This time last week, no rate change was priced foreign exchange rate wikipedia in. The early call for the open of key US indices is lower. Gold has advanced in this morning London session ($884) as the greenback trades under pressure. The US$ currently is lower against the EUR 0.38%, GBP 0.00%, CHF 0.43% and higher against JPY -0.06%. Manufacturing activity has also contributed (up 1.3% in July). This week, the Irish government decided to underwrite all the borrowing, loans free charting software and deposits of Irish-regulated banks. 10-year Treasury yields backed up 17bp (3.83%) and managed to ease 8bp O/N (3.75%). A religious holiday prevented US lawmakers and political lobbyists from persuading the naysayers to return a more positive response to Treasury Paulson $700b bank bail-out package. Gold pared some of this weeks gain , as global equities rallied in tandem with the big dollars record gains vs. Let see if both the senate and congress follow suit and perhaps raise FDIC limits The candlestick charting software S&P/Case-Shiller Home Price index (2-month old data) continues to record falling house prices in 20-US cities. A July reading is nothing but, a historical footnote in these markets. This has persuaded investors to shy away from the yellow metal as an alternative investment vehicle. Hence, this has encouraged the appetite for higher yielding product. The ongoing global credit squeeze has investors shying away from riskier growth currencies like the loonie. Expect traders to be better sellers of the CAD$ on USD$ pull backs in the short term until proven wrong. This will result in the real estate market to speed up their contraction and consumer spending futures charting software to continue to falter. Despite the AUD dollar advancing in the O/N sessions on the back of higher commodity prices (0.8031), traders expect the currency to underperform vs. The DAX index in Europe was at 5,824 down -7; the FTSE (UK) currently is 4,991 up 89. Capital markets believe that the financial aid package will be tabled again and vetoed. Global equity markets pared some of the record one day losses, on reece hope that congress would come back today and try to get the amended plan through. This will encourage banks to boost lending amid a global credit freeze, rather than hoarding cash and to combat slowing economic growth down under. With Global equity markets paring 50% of this week loss had investors lse technical analysis software shying away from the safe heaven asset class. The bulls will have to brok until the financial aid package is passed before the loonie has any short term hope of appreciating. Further Bank bailout in Europe (Dexia SA in Belgium) continues to pressurize the EUR and Franklin respectively. The heightened credit squeeze is forcing Banks to hoard cash at record speeds. This should give Governor Ricky the latitude to ease O/N borrowing costs (3.00%) by year end, as the downside risks for slower growth will intensify. The greenback in the short term. A day of reckoning by political pundits commences. The US Senate will attempt to revive the bill later today. That is now 18-consecutative months of declines. Gas inventories are already at a 41-year low and are expected to decline further due to the disruption and temporary closure of platform operations in the Gulf of Mexico during hurricane season last month. The global economy remains very fragile, economic activity in Europe seems to be collapsing faster than in the US. 1.6%), while industrial product prices declined at a slightly slower than expected giorgio (-0.2% vs. Organized covert operations by CBankers (orchestrated global rate cuts) may also be required to renew consumer confidence. This will reduce fear, and get banks back into the business of lending money. This mornings EIA report is expected to remain consistent with the 4-week moving average. The bail-out package does not guarantee that there will be no more bank runs or that the US economy will recover anytime soon. Traders are betting that the Fed will cut O/N borrowing costs later this month, potentially supporting future fuel demand. It was a necessary move, designed to safeguard the Irish financial system. Investors continue to speculate that the RBA will slash O/N borrowing costs (7.00%) this month by 50bp. More European financial institutions seek the financial assurance from Euro governments. The main positive drivers of energy, manufacturing and banking will not repeat themselves. This is further proof that the worst housing recession in a couple of generations has yet to find a bottom. Policy makers have a sole objective and that to restore confidence in the capital markets. Perhaps it may only be the gabbie that can be adjusted. The commodity currencies are stronger this morning, CAD 0.77% and AUD 0.88%. The data continues to record the fastest decline on record (-16.3 vs. The contagion of the financial crisis continues to spread further afield. The Nikkei closed at 11,368 up 108. One can expect Banks to further curtail their lending practices over the coming months to limit losses. Treasury prices plummeted a day after printing record gains as traders speculated that US lawmakers would be able to salvage the toxic waste plan , thus allowing liquidity to flow again within the credit markets. All technical and fundamentals have been discarded; future short term oil prices will be dictated by the passing or failure of this financial package. Capital market remains focused on the US financial aid package progress through both US houses before it becomes written in law. Capital markets believe a plan will stabilize the US economy, but weaker global fundamentals will dictate stagnant growth, which will surely hinder the performance of commodity currencies in the short term. The energy patch drove half of the gain via a one-off surge in production due to the combined effects of the completion of maintenance at some oil production facilities, and a surge in natural gas production. Even if the financial aid package is vetoed, there is no guarantee that a global economic meltdown may be averted. Capital markets can only sustain so much damage before it declared broke. President Bush said the legislation will help keep the crisis in the financial system from spreading throughout the whole economy. Currently it is lower against 13 of the 16 most actively traded currencies, in another whippy trading range. Crude is higher O/N ($102 up 142c). Canadian July GDP surprised the market and beat all expectations ( 0.7% vs. But, not everyone believes that the plan will help the US avoid a recession entirely. Despite oil prices advancing, none of the strength spilled over into the currency market. Other data revealed that raw materials prices declined faster than expected in Aug. Crude oil advanced , one day after it fell the most in 7-years (-9.9%), as US lawmakers said they intended to salvage the $700b bank-rescue package that may avert a deep economic slowdown.

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