Monday February 11, 2008 - 21:23:38 GMT
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FX Blog: Market Snapshot Far East Open
GVI Market Snapshot-- Far East Open
- The USD is closing mixed to lower vs. the majors from late Friday levels. The EUR got a boost from hawkish post-G7 comments by ECB President Trichet. The G7 turned out generally to be a non-event for the market as there was not a lot of common ground for action. USD selling demand did not carry through in Monday activity in NYC.
- The JPY opened firmer in line with the generally softer USD, but faded as the session wore on. Japanese markets were closed today for a local holiday. There was talk of repatriatin demand for the JPY earlier.
- The GBP was firmer following hotter than expected U.K. output prices. The data were seen as putting the brakes on additional immediate ease from the BOE.
- The commodity currencies (AUD and NZD) are trading higher (CAD is ending lower) following hawkish comments by the RBA. The Reserve Bank hinted that another rate hike is likely in March. BOC comments suggested that additional ease is in the pipeline.
- European bourses closed weaker. U.S. equities closed higher. U.S. bond prices are higher.
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