Tuesday February 26, 2008 - 11:05:05 GMT
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FX Blog: Market Snapshot Europe Mid-Session 26 February 2008
GVI Market Snapshot-- Europe Mid-Session
- The USD is trading weaker heading into N.Y. vs. the EUR and GBP. The carry trade funding currencies (CHF and JPY) are up as well.
- The latest catalyst for USD weakness was the release a short while ago of considerably stronger than expected headline German IFO data. Many feel that the report will keep market expectations for an early ECB rate cut on the back burner.
- 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 then saw similiar headlines with ratings agencies giving bond insurers more good news. The improved sentiment in this sector saw U.S. shares rally late in the day again.
- The Nikkei got a lift early in the day from the news, but sold off by the close. The Shanghai Composite gained modestly despite ongoing local liquidity issues. Key European bourses are higher. U.S. equities are seen opening higher. U.S. bond prices are mixed to better.
- U.S. PPI, the Case Shiller index and the Conference Board Confidence index are key market data today.
- The commodity currencies (AUD, CAD and NZD) are mixed. Oil is steady and gold prices are weaker on concerns about possible IMF sales.
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