Thursday January 24, 2008 - 11:08:53 GMT
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FX Blog: Market Snapshot Europe Mid-Session
GVI Market Snapshot-- Europe Mid-Session
- The Soc Gen fraud disclosures announced today had been rumored about all week and could have played a role in the equity meltdown early this week. Now that the news is out, the markets can put this episode in their rear view mirror.
- The late-afternoon surge in U.S. equities came after word that the NYS insurance regulators were developing a plan to recapitalize embattled mortgage insurers.
- Equity markets have been playing the leading role for all the markets in terms of confidence. They are likely to maintain this role in upcoming sessions.
- The current call for U.S. equitities is for a roughly steady opem. European and Asian equities for the most part soared today.
- U.S. Bond prices are mostly higher after an exceptionally volatile Wednesday session.
- The USD is now steady about steady vs. Europe. The JPY is stronger.
- The commodity currencies (AUD, CAD and NZD) are mixed (CAD is stronger). Gold is up, and oil prices are softer.
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