Thursday February 14, 2008 - 10:58:41 GMT
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FX Blog: Market Snapshot Europe Mid-Session
GVI Market Snapshot-- Europe Mid-Session
- The USD is opening lower in N.Y. against the EUR and GBP from late Wednesday levels. The JPY and CHF (carry funding currencies) are mixed.
- Dealers await the release of the December U.S. trade data and weekly jobless claims at 13:30 GMT (08:30 EST). Later at 15:00 GMT, Fed Chairman Bernanke and Secretary Paulson will testify before the Congress on bond insurers. The markets are cautious about running long USD positions into today's events.
- The commodity currencies (AUD and NZD) aer mostly higher. Stronger than forecast Australian employment data kept a March +25bps rate hike on the table and has sparked speculation about a second rate hike subsequently. CAD is the odd man out again as it has eased. Gold and oil are firmer.
- Earlier Asian bourses closed higher. The Nikkei soared by +4.3% today following much stronger than expected 4Q07 Japanese GDP. The key European bourses are firmer. U.S. equities are called steady to higher. U.S. bond prices are about steady.
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