Monday January 14, 2008 - 11:17:08 GMT
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FX Blog: Market Snapshot Europe Mid-Session
GVI Market Snapshot-- Europe Mid-Session
- The USD is opening sharply lower against Europe. Even the GBP has gained. Risk aversion demand for the JPY.
- Markets are might be reacting to rampant speculation about an early Fed rate cut of -50bps. although the odds for such a move fall each day as the January 30 meeting draws nearer.
- There is some worry about the magnitude of losses expected to be announced this week in the U.S. financial sector.
- The commodity currencies (AUD, CAD and NZD) are up strongly. Gold has spiked and is now well above the $900 line (last $912.90; oil prices are about steady.
- U.S. equities are currently seen opening higher later. Bond prices are better.
- Japanese markets were closed for a holiday today. European bourses are mixed.
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