Monday February 25, 2008 - 21:42:00 GMT
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FX Blog: Market Snapshot Far East Open
GVI Market Snapshot-- Far East Open
- The USD is closing Monday in N.Y. about unchanged from late Friday levels. The EUR and GBP are steady. The carry trade funding currencies (CHF and JPY) are closing weaker vs. the USD.
- Word very late Friday that U.S. banks were putting together a package to recapitalize the bond insurer Ambac gave equities a lift at the close of trading. Late Monday saw a similiar headilne on the wires with the ratings agencies giving bond insurers more good news. The improved sentiment in this sector saw U.S. shares rally late in the day once again.
- The Japanese Nikkei also got a lift early in the day 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 were weak, but better than expected. Looking ahead, the Bernanke testimony on Wednesday will be another key focus for trade. U.S. PPI data are due on Tuesday.
- The commodity currencies (AUD, CAD and NZD) are higher.
- Oil is steady and gold prices are weaker.
- Key European bourses closed higher. U.S. equities rallied as well.. U.S. bond prices were weaker.
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