HiFX: Foreign Exchange Specialists

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October 28, 2008

Despite today’s release of October’s consumer confidence registering at an all time low of 38 the Dow Jones Industrial Average managed to set its second largest daily gain on record.  The Dow closed up 889.35 points, or 10.9%, to 9065.12 with all 30 of its components gaining.  Today’s gain was only exceeded by the 936 point leap seen earlier this month on October 13th.  As a result on the ensuing US equity and global equity rally the USD was seen weakening against a basket of currencies as a mild element of risk appetite returned.  The notable gainers were the Euro where a 3.5% gain was seen and the Canadian dollar where the USD lost 3% of its value.