Pre-Far East Open
•End of year trade continues to see the USD tumble against European currencies. USD weakness is often expected as a seasonal pattern by traders. Gold and oil are mixed. Dealers are looking ahead to a Fed policy easing Tuesday.
•Another focus remains on the auto bailout plan. The world did not end after an accord was not reached over the weekend, but yearend apparently is the dropdead date. The last thing the U.S. needs is another financial shock.
•The extent of the exposure to the Madoff fraud continues to be investigated. Institutions around the globe have been impacted by the mess.
•Far Eastern bourses closed sharply higher despite a poor quarterly Tankan survey from Japan. European bourses ended modestly lower. The current call for the U.S. close is for weaker. U.S. Bond prices are stronger.
•Key data U.S. Tuesday include: November CPI, Housing Starts and the FOMC policy decision. A cut in the Fed Funds rate of either -50bps or -75bps is expected.
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