Tuesday January 29, 2008 - 21:25:29 GMT
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FX Blog: Market Snapshot Far East Open
GVI Market Snapshot-- Far East Open
- U.S. equities closed stronger on Tuesday. Asian and European equity markets also ended mostly stronger in anticipation of a -50bp cut in interest rates Wednesday by the Fed.
- As of the U.S. close Tuesday, Fed Fund futures had placed 100% odds on a -25bp rate cut by the Fed on Wednesday PLUS 68% odds on an additional -25bp cut for a total of -50bps. These odds are below the near 90% odds on the second -25bp rate reduction from early in the week.
- The USD is closing trading narrowly mixed against the majors. The EUR is about steady. The CHF and GBP are better. The JPY is a bit weaker Range trading into the Wednesday Fed decision would not be a surprise.
- Following the Fed decision, the employment data on Friday will be critical.
- The commodity currencies (AUD, CAD and NZD) are broadly higher. Gold is weaker and oil prices are better.
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