Monday January 28, 2008 - 21:42:07 GMT
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FX Blog: Market Snapshot Far East Open
GVI Market Snapshot-- Far East Open
- The State of the Union address by President Bush is due later this evening in the U.S. The speech often gets a lot of political coverage but it rarely has any impact on the markets.
- Much weaker than expected December U.S. home sales weighed on the USD on Monday. The USD is weaker against many of the majors. It is weaker vs. the EUR and CHF. The GBP is up modestly and the JPY is steady.
- Dealers are split on what the Fed will announce on Wednesday. However Fed Funds futures suggest that the markets feel a -50bp rate cut to 3.00% is certain.
- Following the Fed decision, the employment data on Friday will be critical.
- Equity markets have been setting the tone for market sentiment. Major Asian bourses were weaker. European stocks were about steady. U.S. shares closed higher. Bond prices are weaker.
- The commodity currencies (AUD, CAD and NZD) are better. Gold and oil prices are higher.
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