The Federal Reserve said today that will create a Commercial Paper Funding Facility (CPFF) to help provide liquidity to term funding markets. The Treasury believes this facility is necessary to prevent substantial disruptions to the financial markets and the economy. Initially, the stock market and high yielding currencies reacted positively to the news but then gave back most of their gains once investors decided to take profits ahead of Ben Bernanke speech on the economic outlook and financial markets before the National Association for Business Economics.

Forex reports EUR/JPY Short-Term Technical Outlook (update) Tuesday, 07 October 2008 11:20:31 GMT By David Song, Currency Analyst Fading risk sentiment has certainly pushed the Japanese yen higher against its counterparts, and may continue to strengthen over the following weeks as investors continue to limit their temperament for risk. Full Article

Forex Markets Reward Australian Interest Rate Cut - Who's Next? (Euro Open) Tuesday, 07 October 2008 05:36:22 GMT By Ilya Spivak, Currency Analyst The Australian Dollar rallied to test 0.7300 having traded as low as 0.6985 in US hours as the Reserve Bank of Australia shocked the markets, issuing a full 100 basis point interest rate cut. The market cheered on the announcement: US stock futures rose while Treasuries and the Japanese Yen declined. This sends a clear message to central bankers, opening the door to speculation of coordinated rate cuts in the days ahead.

Full Article Also in Special Reports Monday, 06 October 2008 20:01:43 GMT Australian Dollar - What Impact Will Tonight's RBA Rate Decision Have? Tuesday, 07 October 2008 04:20:20 GMT Identifying Trades with DailyFX 10.07.08 Monday, 06 October 2008 21:10:10 GMT Dollar Rises And Japanese Surges As Financial Crisis Spreads (Forex Video) Monday, 06 October 2008 20:00:00 GMT Monthly Forecasts for Euro, US Dollar, and Other Forex Pairs More Special Reports

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