Subscribe

Daily OANDA Forex Blog (Nov 19, 2008 at 06:40:35am) — by Alfonso Esparza

While the majority of investors think it’s a bad idea to bail out the Auto sector, they are afraid that not bailing it out could be a costly mistake for the economy. To make matters worse both political parties have dug in their heels on the issue eliminating the possibility of a swift agreement on either direction. There is nothing worse for the market than uncertainty.

Henry Paulson is too busy rewriting his memoirs and past statements but he has indicated that the Auto Industry should not have any of the $700B bailout. Car manufacturer CEOs have pleaded one after the other and it seems BofA chief Ken Lewis sees fewer than three as a magic number. Who shall be eliminated from tonight’s Economic Crisis special?

The US$ is stronger in the O/N trading session. Currently it is higher against 10 of the most actively traded currencies, in a ‘whippy’ trading range.

The US$ currently is higher against the EUR -0.10%, CHF -0.32%, and lower against JPY +0.27%. The commodity currencies are...