Thursday January 17, 2008 - 10:54:17 GMT
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FX Blog: Market Snapshot Europe Mid-Session
GVI Market Snapshot-- Europe Mid-Session
- The focus of the financial markets today will be on U.S. data and Congressional testimony by Fed Chairman Bernanke at 15:00 GMT.
- Bernanke is expected to be supportive of a fiscal stimulus in general terms and to maintain his dovish monetary policy view. No specifics on policy are expected, although there are a few vague rumors about a pre-emptive rate cut before his testimony today.
- The EUR/USD is weaker again following An unwinding of EUR/USD longs after comments by ECB member Mersch. His words were taken to suggest the ECB could become more flexible than believed on future policy.
- The commodity currencies (AUD, CAD and NZD) are mixed to better. Autralian data kept February rate HIKE speculation alive. Gold is better, and oil prices steady.
- U.S. equities are currently seen opening higher. Bond prices are better. Asian bourses generally rebounded on short-covering. The Shanghai exchange fell in the wake of the PBOC policy tightening on Wednesday. European bouses are better.
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