Monday January 28, 2008 - 11:01:15 GMT
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FX Blog: Market Snapshot European Closes
GVI Market Snapshot-- Europe Mid-Session
- Trade is off to a cautious start on Monday as dealers set up for an active week for news. The USD is relatively narrowly mixed against the majors. It is weaker vs. the EUR, CHF and JPY. It is steady vs. the GBP from late Friday.
- Dealers are now split on what the Fed will announce on Wednesday. A -50bp rate cut is generally expected, but some are arguing for a cut of -25bps or for no change at all.
- Following the Fed decision, the employment data on Friday will be key.
- Equity markets are setting the tone for market sentiment. Major Asian bourses were weaker. European stocks are currently weaker. The early call for the open of U.S. makes is for lower. Bond prices are better.
- The commodity currencies (AUD, CAD and NZD) are mixed. Gold is up, and oil prices are lower.
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