USD – The G20 announced a “broader policy response” – including the likelihood of more cuts in interest rate and measures to stimulate all matters fiscal, get the banks lending to each again, after their meeting in Washington. Presumably there’s a revised plan in place, which we shall hear about in due time…

JPY – Unexpectedly, Japan has gone into recession. The world’s 2nd largest economy went into negative growth in the 3rd annual quarter, 1st time into recession since 2001.
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Unlucky for some,

USD – The Treasury Department has changed the plan – the $700 billion bailout may not be having the desired effect in restoring liquidity, getting banks lending to each other again and reducing the clogged credit market. This could cut either way with the US dollar – remaining a safe haven versus the problems in the US internal economy.
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USD – No election euphoria then… US ABC consumer confidence has fallen to -50 in the week ended 9 Nov, as against -48 the previous week – still mired in the grim-looking state of personal finances and the wider economy.

GBP – UK house prices declined at -5.1% year on year in Sept versus a revised -4.6% in Aug, which initially was -3.4%. Not looking good in the buy-to-let market, but we knew that, didn’t we….

EUR- ZEW index of economic expectations, Germany, rose to -53.5 in Nov from -63.0 in Oct – still lowest levels in the noughties…

G20 – More noises about coordinated fiscal action at the national level from G20 countries in the run-up to this weekend’s meeting.

Well, we live in interesting times – and pleasant for once to glance over at the falling stocks, options markets and realise with forex it’s always possible to be on either side of the market.
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