Tuesday February 12, 2008 - 21:24:41 GMT
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FX Blog: Market Snapshot Far East Open
GVI Market Snapshot-- Far East Open
- The USD is closing lower against the EUR from late Monday levels. The JPY and CHF (carry funding currencies) are steady to weaker. The EUR/USD got a modest lift early from the February ZEW data which were not as weak as feared.
- The GBP improved despite 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 broadly mixed, suggesting that there has not been a full-fledged run back into carry positions. Gold is sharply weaker while oil is modestly weaker.
- Asian bourses were higher. European bourses closed up strongly. U.S. equities were mostly stronger on what is being called the "Buffet bounce" following a proposal to reinsure the municipal bond debt of the monoline insurers. U.S. bond prices closed weaker.
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