Corporate & Investment Banking Daily Market Report

Currency Risk Management

07-Jan-2009 8:01 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 1.40% -0.01% 2.49% -0.06% DJIA 9,015 0.69% Gold $861.50 $16.10
Germany 2.76% -0.03% 3.20% 0.10% DAX N.A. N.A. Silver $11.41 $0.43
Japan 0.79% -0.00% 1.26% -0.00% Nikkei 9,081 0.42% Oil(WTI) $48.58 $0.06
Great Britain 2.57% -0.04% 3.29% 0.05% MIB30 21,445 0.02% CRB $245.23 -$1.55
Italy 2.76% -0.03% 4.43% 0.03% TSE30 9,472 2.01% 30YTBond 3.04% -0.05%
Canada 1.93% -0.04% 2.89% -0.03% CAC40 N.A. N.A.
France 2.76% -0.03% 3.72% 0.10% SMI N.A. N.A.
Switzerland 2.76% -0.03% 2.46% 0.09%

Good Morning,

The dollar reversed some of its gains in trading last night and this morning, as markets compensated for dollar strength since the
beginning of the year. Since domestic trading closed yesterday, the dollar fell 2.2% and 3.5% versus the euro and pound sterling,
respectively.

Markets have priced in at least a 25bp cut from the European Central Bank on January 15th. However, this would still maintain their
2.25% rate as higher than that of the US (0 - .25%) and the UK (2.00%). Higher rates tend to attract foreign investors seeking higher
yields, potentially strengthening the associated currency.

Oil's recent rally was put on hold yesterday, after peaking at over $50 a barrel. Since the close of trading yesterday, oil has settled in
the $48-$49 dollar range. Both the Canadian dollar and Australian dollar are quiet this morning as a result.

Economic numbers of note today include MBA Mortgage Applications along with Challenger Job Cuts. Many will be watching
tomorrow and Friday as Initial Jobless Claims and Nonfarm Payrolls will give further insight into the shape of the US economy.
Market consensus for Friday's unemployment rate is 7.0%; figures around or above that number will most likely be negative for the
dollar.

Dewey Briglia, Foreign Exchange Analyst

dewey.briglia@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