Friday January 18, 2008 - 10:47:31 GMT
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FX Blog: Market Snapshot Europe Mid-Session
GVI Market Snapshot-- Europe Mid-Session
- Folowing early sharp declines, Asia bourses rebounded on short covering into the weekend. Talk of a $150bln fiscal stimulus program out of the Bush administration was a help as well. Detals are due today.
- Exceptionally weak U.K. December retail sales data have hit the GBP hard. Many feel that a BOE rate cut in early February is now solidly in play.
- Markets are still in the midst of digesting sub-prime fall out.
- The EUR/USD trading about steady. It is below its 1.4667 20-day moving average. The USD/JPY is better.
- The commodity currencies (AUD, CAD and NZD) are mixed. Gold is lower, and oil prices are up.
- The early call for U.S. equities is for a higher open. Bond prices are weaker.
- Many U.S. markets close early ahead of the U.S. holiday on Monday.
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