Friday December 28, 2007 - 11:14:32 GMT
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FX Blog: Market Snapshot Europe Mid-Session
GVI Market Snapshot-- Europe Mid-Session
- In the wake of the political crisis in Pakistan and ahead of the calendar yearend, traders have been reducing their risk profiles.
- Weak U.S. economic data yesterday were also catalysts for further USD bearishness.
- The assassination of Pakistani Presidential candidate Bhutto spurred flight to safety demand for the EUR. In past times, flight to safety flows had tended to favor the USD. This development bears close scrutiny. CHF and gold are better as well.
- USD is trading broadly lower against the majors after falling sharply on Wednesday and Thursday.
- Reduced risk profiles have seen an unwinding of JPY carry trades.
- The commodity currencies (AUD, CAD and NZD) are mixed.
- U.S. stocks are seen opening higher following a sharp sell-off yesterday. Bonds are better.
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