Thursday January 31, 2008 - 10:50:20 GMT
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FX Blog: Market Snapshot Europe Mid-Session
GVI Market Snapshot-- Europe Mid-Session
- Concerns about the credit worthiness of the monoline bond insurers overshadowed the 50bp cut in the Fed Funds target yesterday to 3.00%.
- Asian bourses closed mixed with the Nikkei higher and the Shanghai Exchange lower. Investors worry that China is being hit with its worst winter in 50 years. European bourses are weaker.
- U.S. equities are currently seen opening lower later. Bond prices are weaker.
- The USD is opening narrowly weaker in N.Y. The unit is weaker vs. the major European currencies but higher vs. the JPY.
- The commodity currencies (AUD, CAD and NZD) are generally firmer. This could relate to the weaker JPY. Gold and oil prices are weaker.
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