Wednesday February 13, 2008 - 10:51:32 GMT
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FX Blog: Market Snapshot Europe Mid-Session
GVI Market Snapshot-- Europe Mid-Session
- The USD is opening in N.Y. firmer against the EUR and GBP from late Tuesday levels. The JPY and CHF (carry funding currencies) are steady to weaker. The EUR/USD has been weighed down by weaker than expected E-Z industrial output data.
- The BOE quarterly inflation report suggests that three rate cuts for this year remain in the pipeline. The bank made it clear that it is fighting a difficult inflation battle. The latest average earnings data (January) were softer that forecast.
- The commodity currencies (AUD, CAD and NZD) are mostly sharply weaker. The CAD is steady. Gold and oil are about unchanged.
- Asian bourses closed mixed following a strong start. European bourses are currently weaker after strong advances yesterday. The early call for U.S. equities is for a modestly stronger open. U.S. bond prices are lower.
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