[saham] Oct 31: The AUD/USD continues to slide in Asia this morning

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Oct 31: The AUD/USD continues to slide in Asia this morning 

Investment bank names have been the main sellers and longs have been forced to 
pare back due to the sharp moves and lack of liquidity. Traders say that talk 
of 
the possibility of large AUD/USD selling flows at the London fix later today is 
discouraging fresh longs

Analysts suspect that the AUD and EUR selling earlier today started when 
news broke that former AIG CEO Greenberg wrote a letter to current CEO Liddy 
saying that the American taxpayer stood to suffer significant losses unless 
there was an immediate change to the AIG bailout structure

On the schedule we will see Australia Private Sector Credit and HIA New Home 
Sales. In a speech in Melbourne, Assistant RBA Governor DeBelle may reinforce 
the less dire tone about growth and prepare the market for 50bp instead of the 
once touted 75bp.

The currencies declined as Federal Reserve Bank of San Francisco President 
Janet Yellen said yesterday that recent data was ``deeply worrisome'' and the 
central bank may cut interest rates to close to zero if the economy remained 
weak. The currencies also dropped as traders anticipated greater month-end 
demand for the U.S. dollar from fund managers


      


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