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At least 80 people were killed in a series of attacks apparently aimed at tourists in India's financial capital Mumbai on Wednesday night, with television channels saying Westerners were being held hostage at two five-star hotels.
"They wanted anyone with British or American passports," a witness at the Taj Hotel, who said he was from London and was in India on business, told the NDTV news channel. He had smoke stains all over his face. "They wanted foreigners."
Flight To Safety?
Typically this kind of terrorist attack sparks a flight to safety and drives the dollar higher. However, don’t expect that kind of a move this time.
“We’re not seeing it now and part of the reason is that the safe haven move has been triggered already,” explains Ashraf Laidi, chief strategist at CMC Markets. In other words, the financial crisis has already caused a much greater flight to safety.
At the time of writing we were told that the markets in India will open Thursday.
Dollar Outlook
Turning attention to the overall outlook for the dollar, Ashraf Laidi tells us that he expects the dollar to lose value. “Through the end of the year we could see the dollar unwind. I expect it will lose ground against the pound, euro and Canada's dollar,” because it’s come so far so fast.
But everything is relative. Win Thin, senior currency strategist at Brown Brothers Harriman, remains bullish on the dollar mostly because the American financial system is in better shape than most others, He says, “the dollar’s rally probably has legs because if you’re negative on the dollar what are you positive on?”
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Trader disclosure: On Nov. 26, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (NUE), (MSFT); Macke Owns (UUP), (MSFT), (WMT), (GM); Macke Is Short (TM); Finerman's Firm Owns (DSX), (RIG), (MSFT); Finerman's Firm Is Short (IYR), (MDY), (IWM), (SPY), (GNK), (EXM), (BBT), (COF), (USO); Terranova Owns (DIS), (XOM), (GIS)
Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO: Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (CLB), (DLR), (EPR), (EXR), (MAC), (SLB), (SKT), (UA), (IGE), (DBC), (DBV); Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights; Virtus Investment Partners Owns More Than 1% Of Shares Of Essex Property Trust Inc.; Virtus Investment Partners Owns More Than 1% Of Shares Of Corporate Office Properties Trust SBI MD
GE Is The Parent Company Of CNBC
Piper Jaffray Is A Market Maker In (AAPL),(AMZN),(EBAY)
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