Monday February 4, 2008 - 21:21:57 GMT
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FX Blog: Market Snapshot Far East Open
GVI Market Snapshot-- Far East Open
- The USD drifted mostly lower against the majors in a quiet Monday trading session. The GBP gained, while the JPY ende down modstly vs. the USD.
- The markets are expecting a rate cut from the BOE on Thursday and such a move would be seen as positive for that economy. The odds favor a Reserve Bank of Australia rate hike on Tuesday. Note that the timing of RBA rate announcements has been changed.
- Dealers are still trying to digest the strong USD performance on Friday in the wake of the weaker than expected January jobs data. In general it appears that the forex markets might be looking beyond the upcoming period of U.S. economic weakness to an eventual cyclical recovery.
- U.S. share markets closed lower after Asian equities closed up strongly. European bourses ended mixed to better. Bond prices are weaker.
- The commodity currencies (AUD, CAD and NZD) are trading mixed. Gold and oil are mixed.
- The economic calendar from the U.S. this week is relatively light.
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