New York Session – September 30, 2008 4:31 PM

by Trader Rich

The buck extended gains against the majors in NY trading as hope that the TARP bailout package will be resurrected had stock markets jumping for joy. US stocks jumped more than 5% as financials were heavily bid and gained a whopping 13% on the day. US bonds saw heavy selling as investors bought up risk and the 2-year yield jumped more than 30 bps to 1.96%. This flight to risk saw USD/JPY push more than 100 pips higher into a close near 106.30/40. Moreover, large portfolio re-balancing ostensibly led to firm USD demand from US real money accounts ahead of quarter-end. Full text »

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