Tuesday February 26, 2008 - 21:36:38 GMT
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FX Blog: Market Snapshot Far East Open
GVI Market Snapshot-- Far East Open
- The USD made a new record low (1.4984) vs. the EUR and is closing significantly lower vs. the GBP. The carry trade funding currencies (CHF and JPY) are up strongly as well.
- The catalyst for USD weakness was the release of considerably stronger-than-expected headline German IFO data. The report placed market expectations for an early ECB rate cut on the back burner. The U.S. Conference Board Consumer Confidence data were also much weaker than predicted and a spike in the headline PPI report placed additional weights on the USD.
- U.S. share markets were supported by an announcement that IBM would be repurchasing shares. The weak USD gave prices a lift as well. The Nikkei sold off by the clos on Tuesday while the Shanghai Composite gained modestly despite ongoing local liquidity issues. Key European bourses ended higher. U.S. bond prices are better.
- The commodity currencies (AUD, CAD and NZD) ended up sharply. Oil and gold prices are higher.
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