Archived IMT (2008.09.14)

USD pushes to Asian session highs as group of international banks form $50 bln fund to save help troubled banks. The risk aversion pendulum continues to swing--this time downwards-, pushing yen lower and USD pairs higher. Lehman's bankruptcy now appears imminent, while Merrill-BoA is not yet confirmed. Dow futures opened 320 pts down but are now stabilizing. Once again, any dollar rebound is on short term talk of bailout rather than improvement in fundamentals of the US economy.