Archived IMT (2008.11.19)

Dollar hot across the board as EUR, GBP, GOLD, AUD, NZD and CAD all rally in waht appears to be stop buying in an otherwise low volume market. News from Iran of established independent policy are the only fundamental news seen so far. But as we have warned earlier today, seasonal reversals in FX markets usually emerge in the last 6 weeks of the year, reversing the flows prevailing in Sep-Oct. Today's moves may be the beginning of a new temporary dollar decline into early Q1 2009.