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Monday Morning

There is yet more evidence of a thaw in credit markets as 3 month LIBOR continues its descent, falling another 17 basis points to 2.86%, the lowest in over 6  weeks. The credit default swap market is also improving slightly.

 This week will likely see 50 basis point cuts by both the European Central bank and the Bank of England.
 Bond prices are rallying sharply in the US, much less here but our currency continues its recent recovery.

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