www.ONN.tv and Yra Harris Look at FED Fear of Strong U.S. Dollar

Business Wire, Nov 25, 2008

CHICAGO -- www.ONN.tv currency analyst Kevin Cook attended the Las Vegas Traders Expo last week and met with Yra Harris to discuss the U.S. dollar, the euro, and Asian currencies. Veteran CME currency trader and principal of Praxis Trading, Harris noted the strong possibility of a dollar reversal if "quantitative easing" enters U.S. FED policy discussions. Weaker export growth may be affecting the FED's view about a too-strong dollar as we enter a global recession. Harris next pointed out the interesting action in the British pound and the UK yield curve as the long-end gilts rallied despite the recent 150-basis-point cut by the Bank of England (BOE). This portends further easing is in the cards for UK interest rates even as they hover at 50-year lows and the BOE plays catch-up with collapsing asset prices.

Cook and Harris also took a look at the Australian dollar and Japanese yen, highlighting the Aussie currency's role as a proxy for global growth and the yen's precarious position as a benefactor of carry unwind and flight to safety even while the Japanese economy remains weak. Finally, Harris said that another key indicator for the continuation of current FX trends will be the EUR/JPY cross and whether it takes out its October lows, especially with EUR/USD sitting on strong support around $1.2500.

The interview can be found under the "FX Overnight" tab on the Mark2Market channel through this link (http://link.brightcove.com/services/link/bcpid1886189465/bclid2551030001/bctid3124594001).

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