Wednesday December 5, 2007 - 21:25:54 GMT
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FX Blog: Market Snapshot Far East Open
GVI Market Snapshot-- Far East Open
- The USD is better vs. the majors and the GBP is sharply weaker. A much better than expected ADP private employment survey blindsided traders and saw some precautionary long liquidations of EUR/USD longs. The GBP was undermimed by a weaker than expected U.K. services PMI.
- Focus Central Bank Decisions on Thursday. Market now expecting a BOE cut. The weak U.K. Services PMI data reinforces the case for a rate cut Thursday. ECB is about certain to hold steady.
- The commodity currencies are widely mixed. The RBNZ kept rates steady a short while ago as expected.
- Equities closed stronger. Treasuries are weaker.
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