Tuesday January 22, 2008 - 11:16:33 GMT
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FX Blog: Market Snapshot Europe Mid-Session
GVI Market Snapshot--Europe Mid-Session
- Bourses in the Far East have had another difficult session on Tuesday following sharp declines on Monday. Europe declined heavily on Monday and it is mixed at this hour. The Dax has been especially soft in both sessions.
- The early call for the U.S. open is for sharp declines in U.S. equity indices although prices are currently off their overnight lows.
- There are street rumors of a coordinated central bank rate cut later today.
- Equity markets will play a leading role today for all the markets. Worries about the bond insurers, a slow Fed response to U.S. econoimic weakness and the economic slowdown in the U.S. were said to be the catalysts for the global stock sell-off on Monday.
- Bond prices are up sharply on a flight to safety.
- After gaining sharply on Monday, the USD is trading mixed today. Monday saw major reversals of JPY carry trades.
- The commodity currencies (AUD, CAD and NZD) are mixed. Gold is lower, and oil prices are down.
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