Wednesday January 23, 2008 - 11:05:28 GMT
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FX Blog: Market Snapshot Europe Mid-Session
GVI Market Snapshot-- Europe Mid-Session
- The surprise -75bp cut in the Fed Funds target to 3.50% yesterday has continued to reverberate through the markets. Bourses in the Far East had no opportunity to react Tuesday and have put in strong performances today. Another 50bp cut is now expected on January 30. European bourses had ample opportunity to react Tuesday. They are trading mixed to lower today.
- Equity markets are playing the leading role for all the markets in terms of confidence. They are likely to maintain this role in upcoming sessions.
- The early call for U.S equities is for a lower open later.
- Bond prices are modestly higher.
- The USD is better vs. the EUR and GBP. The JPY is better while the CHF is unchanged suggesting that risk aversion plays continue.
- The commodity currencies (AUD, CAD and NZD) are mixed to weaker. Gold is lower, and oil prices are softer.
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