Tuesday January 29, 2008 - 11:04:09 GMT
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FX Blog: Market Snapshot Europe Mid-Session
GVI Market Snapshot-- Europe Mid-Session
- Asian and European equity markets have traded mostly stronger today in anticipation of a -50bp cut in interest rates Wednesday by the Fed. The much weaker than expected December U.S. new home sales data on Monday reinforced this expectation. Anything less than a -50bp rste cut would be a disappointment to the markets.
- The USD is trading narrowly mixed against many of the majors. The EUR is about steady. It is weaker vs. the EUR and CHF. The GBP and JPY are better. The CHF is a bit weaker. Range trading into the Wednesday Fed decision would not be surprising.
- Following the Fed decision, the employment data on Friday will be critical.
- U.S. equity markets are seen opening roughly unchanged at this hour. Bond markets are a touch weaker. U.S. data today will be closely scrutinized.
- The commodity currencies (AUD, CAD and NZD) are broadly higher. Gold and oil prices are steady.
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