Archived IMT (2008.11.21)

Falling yen, weakening dollar and rising gold emerge ahead of the US open following a rally in Asian and European markets despite Thursdays broad 7% damage in Wall Street. Aside from technical bargain hunting in the aftermath of 11-year lows in Wall Street, rumors of a 54-bp cut from the Peoples Bank of China reports fed into chatter of of another bout of emergency central bank easing, especially following the surprise 100-bp cut from the Swiss National Bank in early Thursday.