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By Grace Cheng on January 9, 2008 | More Posts By Grace Cheng | Author's Website

In the Asian trading session, USD/CHF declined all the way down to 1.1100. There is an overall USD bearishness in the forex markets due to ongoing recession fears in the US. Despite that, Cable also feeling the downward pressure, falling 140 pips so far today towards 1.9600. Right now, it’s more of selling the British pound into rallies; pound bulls are losing control as the market speculates on whether the Bank of England will cuts its rates this Thursday. The majority consensus is that they will stay pat, but of course it is the “what if?” that’s keeping traders on the edge.

Meanwhile, gold for immediate delivery climbed to another record high (more than $891 an ounce), reflecting investors’ disdain for the US dollar.

Wednesday:

Eurozone GDP 1000 GMT

UK BRC shop price index 1030 GMT

German industrial production 1100 GMT

US MBA mortgage applications 1200 GMT

Canada housing starts 1315 GMT

Fed’s Poole speaks on US economy 1430 GMT

UK leading indicator index 1530 GMT

Thursday:

Australia trade balance 0030 GMT

UK trade balance 0930 GMT

BOE rate decision 1200 GMT (rate expected to stay at 5.5%)

ECB rate decision 1245 GMT (rate expected to stay at 4%)

ECB’s Trichet speaks 1330 GMT

Canada new housing price index, building permits 1330 GMT

US initial jobless claims 1330 GMT

US wholesale inventories 1500 GMT

Fed’s Hoenig speaks on US economic outlook 1800 GMT

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