Monday February 25, 2008 - 11:05:52 GMT
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FX Blog: Market Snapshot Europe Mid-Session 25 February 2008
GVI Market Snapshot-- Europe Mid-Session
- The USD is opening higher in N.Y. from late Friday levels. The EUR and GBP are modestly weaker. The carry trade funding currencies (CHF and JPY) ar softer as well vs. the USD.
- Word very late Friday that U.S. banks are putting together a package to recapitalize the bond insurer Ambac gave equities a lift at the close of trading and that positive sentiment carried forward into equity tradinig in the Far East and Europe today.
- The Japanese Nikkei also got a lift from word that Chinese sovereign wealth funds will be placing USD 10bln in Japanese equites. The Shanghai Composite fell on local liquidity issues.
- U.S. Existing Home Sales will be focus today. Looking ahead, the Bernanke testimony on Wednesday will be another key focus for trade.
- The commodity currencies (AUD and NZD) are steady. The CAD is trading firmer. Dealers have noted the recent uncoupling of the CAD from the other two.
- Oil and gold prices are firmer.
- Key European bourses are higher. U.S. equities are seen opening higher later. U.S. bond prices are higher weaker.
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