Wednesday January 30, 2008 - 10:53:21 GMT
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FX Blog: Market Snapshot Europe Mid-Session
GVI Market Snapshot-- Europe Mid-Session
- Markets are awaiting the FOMC decision later. As of the U.S. close Tuesday, Fed Fund futures had placed 100% odds on a -25bp rate cut by the Fed 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.
- U.S. equities are currently seen opening lower later. Asian equities closed mostly weaker while and European bourses are currently lower.
- The USD is opening narrowly weaker in N.Y. Talk is that a 1.48 option barrier in the EUR/USD has been taken out before its expiration today. Range trading is expected into the Fed decision late today.
- Following the Fed decision, the employment data on Friday will be critical. The ADP jobs data will be closely scrutinized this morning.
- The commodity currencies (AUD, CAD and NZD) are mixed. Gold is weaker and oil prices are better.
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