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Corporate & Investment Banking Daily Market Report

Currency Risk Management

14-Jan-2009 8:06 AM EST

Major Financial Market Information

3m 1 Day 10Y Gvt 1 Day Equity Last 1 Day 1 Day


LIBOR Change Change Change Change
US 1.08% -0.01% 2.30% -0.01% DJIA 8,449 -0.30% Gold $824.65 $2.55
Germany 2.56% -0.05% 3.02% 0.04% DAX N.A. N.A. Silver $10.75 $0.06
Japan 0.75% -0.01% 1.27% 0.02% Nikkei 8,414 -4.79% Oil(WTI) $37.79 $0.12
Great Britain 2.28% -0.02% 3.18% 0.03% MIB30 19,937 -0.20% CRB $244.15 -$12.27
Italy 2.56% -0.05% 4.44% 0.07% TSE30 8,962 1.91% 30YTBond 3.02% 0.02%
Canada 1.66% -0.05% 2.72% -0.05% CAC40 N.A. N.A.
France 2.56% -0.05% 3.50% -0.04% SMI N.A. N.A.
Switzerland 2.56% -0.05% 2.27% 0.05%

Good morning,

The dollar has retraced some of its gains against the British pound this morning. Despite continuing concerns about the state of the
U.K. economy, investors responded positively to the announcement of a British government plan to provide lending to small
businesses and firms needing equity investment. This effect was compounded by Federal Reserve Chairman Ben Bernanke's
comments that changes to fiscal policy alone will not be enough to stimulate economic growth.

The market's negative reaction to Bernanke's statement, as well as speculation that data released today will show that U.S. retail
sales declined in December, also led the dollar to pare back gains against the euro. However, the dollar's strengthening trend will
likely continue as declining European production increases expectations for a rate cut by the ECB at their meeting tomorrow.

The Australian and New Zealand dollars advanced against their U.S. counterpart as positive Australian home-building data
suggested that interest rate cuts are already having a significant effect in both countries. The currencies were also bolstered by
rising commodity prices.

Economic releases today include U.S. retail sales, import prices, and business inventories data.

Bhav Dhanak
bhav.dhanak@wachovia.com

Disclaimer: The information provided in this document has been obtained or derived from sources believed to be reliable. Wachovia
Corporation and its affiliates, including Wachovia Bank, N.A., do not guarantee its accuracy or completeness, nor does Wachovia Corporation
or any of its affiliates, including Wachovia Bank, N.A., assume any liability for any loss that may result from the reliance by any person upon
any such information or opinions. Such information and opinions are subject to change without notice, are for general information only and are
not intended as an offer or solicitation with respect to the purchase or sales of any security or any foreign exchange transaction, or as
personalized investment advice. Securities and foreign exchange transactions are not FDIC-insured, are not bank-guaranteed, and may lose
value.

CHARLOTTE - HONG KONG - LONDON


(800) 733-5554 (704)374-2783
website: www.wachovia.com/foreignexchange

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