Wednesday January 16, 2008 - 10:48:26 GMT
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FX Blog: Market Snapshot Europe Mid-Session
GVI Market Snapshot-- Europe Mid-Session
- The focus of the financial markets increasingly are on the risk of a U.S.-led global economic slowdown. The Intel and Citi earnings reports have been the catalysts this week. Asian equities were hit very hard today.
- The JPY continues to gain on an unwinding of carry trades. The strength of the unit has been underming the Nikkei, which made new recent lows today. 10-yr JGB yields are off sharply.
- The USD is mixed against the majors. The EUR/USD is steady, the GBP has eased and the CHF is benefiting from an unwind of carry trades also.
- The commodity currencies (AUD, CAD and NZD) are sharply weaker on worries about a slowdown. Gold is back well below the $900 line ($878.60). Oil prices soft.
- U.S. equities are seen opening weaker. Bond prices are better.
- Wednesday will be an active session on the data front from the U.S.
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