Tuesday February 12, 2008 - 10:54:54 GMT
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FX Blog: Market Snapshot Europe Mid-Session 12 Feb 2008
GVI Market Snapshot-- Europe Mid-Session
- The USD is opening about steady from late Monday levels in NYC. The EUR/USD has gotten a modest lift from the February ZEW data which were not as weak as feared. However the European unit has proved unable recently to build on positive data.
- The GBP has eased following weaker-than-expected U.K. CPI data. The data are being seen as keeping the door open to additional BOE ease in the short term. The data are felt to have neutralized the PPI data released yesterday.
- The commodity currencies (AUD, CAD and NZD) are trading steady. On Monday, the Reserve Bank hinted that another rate hike is likely in March. Also BOC comments suggested that additional ease is still in the pipeline.
- Asian bourses were steady to higher. European bourses are higher. U.S. equities are seen opening lower later. U.S. bond prices are mixed.
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