daily market review 11/06/2007

--1. Hey, China Takin' Cheapshot at Our Foldin' Money Overnight the dollar fell to a record low versus the euro and its weakest level1981 against the pound after Cheng Siwei, vice chairman of China's National People's Congress, China's legislature, told a conference in Beijing, "We will favor stronger currencies over weaker ones, and will readjust accordingly." --2. ECB Facing the Fed's Familiar Spot Between Rock, Hard Place The Euro at a record level against the dollar, oil near $100 a barrel, severe credit issues that remain unsolved and worries about inflation in the EuropeanUnion have thrown what was to be a run-of-the-mill interest rate policy meeting into sudden disarray. --3. Super-SIV Now Super Sieve The Financial Times this morning is reporting that a USTreasury-backed plan for a “superfund” to buy up distressed mortgagesecurities appears to have stalled. --4. COF is updating its view of 2008 charge-offs to a range of $4.9billion on the bottom and up to mid-$5 billion. Schnall added: "Fourth quarter delinquencies are unlikely to declinethe way we had assumed, and consequently, the $175 million of“extra” charge-offs we anticipated in the first quarter are likely to continue into the beginning of the second quarter and possibly longer."