Thursday February 7, 2008 - 10:52:13 GMT
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FX Blog: Market Snapshot Europe Mid-Session
GVI Market Snapshot-- Europe Mid-Session
- The USD is trading mostly sideways against the majors ahead of the BOE and ECB decisions. The carry trade funding currencies (JPY and CHF) are slightly firmer from late in NYC on Wednesday.
- The GBP is softer following weaker than expected U.K. production figures and ahead of the BOE policy decision at 12:00 GMT (07:00 EST). A -25 bp rate cut to 5.25% in the repo rate is widely anticipated.
- At 12:45 GMT (07:45 EST), the ECB is seen likely to keep policy on hold (4.00% refi rate). The tenor of the comments by ECB President Trichet will be closely scrutinized. Many feel that Trichet is out of touch with the current global economic environment.
- The commodity currencies (AUD, CAD and NZD) are trading mixed. Gold and oil are firmer at this hour.
- Many of the far east equity markets were closed today for Lunar New Year observations. In Japan the Nikkei gained. European bourses are weaker. U.S. equities are seen opening mixed. Bond prices are mixed as well.
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