Wednesday January 2, 2008 - 21:23:01 GMT
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FX Blog: Market Snapshot Far East Open
GVI Market Snapshot-- Far East Open
- Markets quickly were getting back into swing for the new year. This is an important time of year as traders reposition themselves after many had squared up.
- USD bearisness has persisted and was fueled by a shocklingly poor ISM PMI reoprt mid-morning in NYC.
- On the other hand, the GBP continues to look vulnerable. The U.K. mfg PMI was weaker than expected, while the flash E-Z mfg PMI was revised higher.
- The latest Fed meeting minutes already had a dovish tone before the recent ru of weak data.
- The commodity currencies (AUD and NZD) closed up strongly. The Australian manufacturing PMI was stronger than anticipated.
- U.S. stocks were hit hard over the day. Bonds ended better.
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