Wednesday January 16, 2008 - 21:29:38 GMT
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FX Blog: Market Snapshot Far East Open
GVI Market Snapshot-- Far East Open
- The USD closed higher against the majors. The EUR/USD is sharply weaker. An unwinding of EUR/USD longs was triggered by a comment by ECB member Mersch. The magnitude of the response to the comment was out of proportion to the news suggesting dealers got stuck long.
- The focus of the financial markets remains on the risk of a U.S.-led global economic slowdown. Asian equities were hit very hard Wednesday.
- The JPY continued to gain on an unwinding of carry trades. The recent strength of the unit undermined the Nikkei, which made new recent lows today. 10-yr JGB yields are off sharply.
- The commodity currencies (AUD, CAD and NZD) closed weaker on worries about a global slowdown. Gold lower, and oil prices are soft.
- U.S. equities closed modestly weaker and bond prices were better.
- Wednesday will be an active session on the data front from the U.S.
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