Tuesday February 5, 2008 - 11:04:54 GMT
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FX Blog Market Snapshot-- Europe Mid-Session
GVI Market Snapshot-- Europe Mid-Session
- Forex markets have come to life on Tuesday following a tentative Monday session. The USD is up sharply against the most of the major currencies. The EUR, CHF and JPY have sold off heavily. The GBP has lost ground as well.
- The catalyst for trade today has been a weaker than expected final E-Z services PMI for January. December E-Z retail sales were softer than expected as well. The markets have been waiting for any signs of weakness in the E-Z economy and bounced on the data today.
- Most are expecting a -25 bp (to 5.25%) rate cut from the BOE on Thursday. Such a move would be seen as positive for that economy. The ECB is seen likely to keep policy on hold and to continue to talk a hawkish line on inflation.
- The commodity currencies (AUD, CAD and NZD) are trading weaker. Gold and oil are lower. Dealers had expected the +25bp interest rate hike in Australia (to 7.00%) today. Some say that additional tightening is in the pipeline.
- U.S. share markets are seen opening lower later. Asian equities closed weaker. This week sees the lunar new year observances. European bourses are weaker. Bond prices are mixed.
- The economic calendar from the U.S. this week is relatively light.
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