Archived IMT (2008.10.08)

GLOBAL CENTRAL BANK RATE CUTS. Federal Reserve, European Central Bank, Bank of England, Bank of Canada and Swiss National Bank cut their overnight rate by 50 bps. Central banks were forced to finally ease rates after globalo equity markets had opened the day in extremely negative territory; Nikkei was down 10% (biggest single day decline since 1987), Russia's Micex shut until October 10th. YEN CROSSES Have rallied but are already losing those gains, with USDJPY already testing below 101 yen towards 100 yen. Liquidity remains dry in currency and credit markets. Gold rallies to $915 per ounce.