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23/11/2007 | | | |

23:38 GMT | | | |

| High | Low | Close |

USD/JPY | 108.95 | 108.41 | 108.45 |

EUR/USD | 1.4861 | 1.4822 | 1.485 |

EUR/JPY | 161.7 | 160.97 | 161.05 |

GBP/USD | 2.0667 | 2.0586 | 2.062 |

AUD/USD | 0.8765 | 0.8694 | 0.8715 |

NZD/USD | 0.7559 | 0.7506 | 0.751 |

USD/SGD | 1.4519 | 1.4489 | 1.4514 |

USD/THB | 31.4 | 31.35 | 31.35 |

| | | |

| | | |

23rd November 2007

Asia Open / Overnight Highlights

- US mkts closed for Thanksgiving holiday.

- No significant events in the European session yesterday.

- BOE deputy Governor cautiously straddled inflation bias and the need to respond quickly to cut rates if credit conditions worsened. The tilt, it seems was towards a dovish stand.

- ECB's Trichet noted the US stand of a strong dollar policy. He also highlighted that the Japanese govt expected the effect of an improving Japanese economy to be reflected in the currency. Usual rhetoric on a faster CNY appreciation was delivered. Expressed opposition to abrupt and brutal forex movements.

- China's stat chief sees '07 inflation at 4.5-4.6%; GDP growth at 11.5%.

- Dec crude oil, slipped below $97/ barrel; last indicated at $96.62, -$0.67.

Foreign Exchange: EUR/USD saw another high new high aided in part by EUR/JPY to touch 1.4873/ Trades were generally slower than usual. Some trades generated ahead of the Tokyo close. Expect that BOE and ECB comments may induce some prfit taking in EUR/USD and the cable.

USD/JPY continued to trade with equities, starting softer, but recovered with the shares. Importers bought the pairing at lows not seen since Jun '05. European session saw the USD/JPY trade in the 108.65-108.75 for most of the session with a max of 40 pip movements. JPY crosses pretty much ran in line with he USD.

UST mkts closed for Thanksgiving holiday.

Equities: US equity mkts closed for Thanksgiving as well. Small positives on the European session.

Asia Outlook: The greenback continued to be soft in overnight sessions while JPY crosses have been mostly rangebound at lower levels seen yesterday. With little impetus or inspiration to move from the European session and the US away on holiday, expect that trades will be mostly range-bound as dealers feel their way around. Focus will remain on the equity mkt intraday though suspicions are that with the volatility seen this week and no cues from the US, trades are expected to be thinner and mkts less inclined to sit on open positions over the weekend. Oil prices have eased slightly, with the recent rallies making current levels appear almost unthreatening.

NORTH ASIA

USD/KRW is expected to trade in the 930-940 range. Impact of expected losses on the local bourse will likely be capped by exporters.

USD/CNY is seen extending downside further into the sub 1.41 terrains wit h some help from the weak dollar. Down moves in the pairing are seen being aided by continued weakness in the greenback. ECB's comments not expected to elicit much of a response from the Chinese authorities who have demonstrated that while they are willing to pick up pace of appreciation, they will not succumb to continued jawboning.

USD/HKD will likely be weighed by IPO-related HKD demand. However, we do see sustained arbitrage interests help curb losses in the currency pair. The pairing is seen trading in the 7.7750-7.7850 range.

USD/TWD is likely to be confined to 32.30-32.40 range, with the central bank capping rallies.

SOUTH ASIA

USD/SGD has been consolidating around the 1.45 level with the weight from a soggy dollar being offset by risk aversion lingering in the background. Equity mkts are seen leading the way with currency trades following. Trades are expected to be in the 1.4465-1.4545 range intraday. Oct CPI expected to be released at 0500GMT.

USD/IDR is expected to trade cautiously in the 9350-9435 range intraday. Downside is seen being supported by caution and relatively high oil prices still. BI is seen smoothing flows above with some pressure from the dollar which has remained on its back foot. Bond and equity flows to drive trades with lower vol expected ahead of the weekend.

USD/MYR will likely move within 3.3700-3.3850 range.

USD/PHP is expected to continue ranging in the familiar 43.05-43.45 range in trades today. The pairing is seen keeping its eyes on regional equity mkt sentiments. The softer dollar likely to be weighed off by lofty (despite slightly softer) oil prices and underlying caution. Exports growth for the year is expected to be 4.5-6.5% according to Philippines exporters. Central bank Dep Gov Diwa Guinigundo has said that the 7% growth momentum can be sustained if infrastructure bottlenecks and "brain drain" can be addressed. Some focus on the joint congressional committee which raised objection to the sale of the PNOC-EDC stake and will decide on pursuing the matter after discussion with Fin Sec Teves.

USD/THB is expected to still be trapped in the 33.80-33.90 range. Dollar sales by exporters continue to keep the currency pair at the lower half of the range. BOT remains at the bottom to prevent acute fall.

USD/INR is seen remaining underpinned by jitters. Local papers reporting that further measures by the govt to curb capital inflows may be imminent and the central bank saying that it will intervene if necessary to curb INR strength saw the pairing close firmly at 39.53-39.54. the extended slippage on the local bourse and high oil prices have done the INR sentiments no favours. For now, uncertainty and high oil prices are seen outweighing the softer dollar to bump the USD/INR to consolidate higher amid 39.40-39.65.

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