Wednesday February 27, 2008 - 11:08:22 GMT
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FX Blog: Market Snapshot Europe Mid-Session 27 February 2008
GVI Market Snapshot-- Europe Mid-Session
- The weight yesterday of weak U.S. Conference Board Consumer Confidence data and a spike in the headline PPI report was too much for the USD to bear yesterday. Furthermore, headline German IFO data were considerably stronger than expected.
- The EUR/USD break through the 1.50 line came after the N.Y. close and before the Asian open when markets are their thinnest of the day.
- Traders await the Bernanke testimony today at 15:00 GMT. There is a perception in the market that the currency tends to weaken when he testifies. Bernanke has a narrow path to tred tobay with the USD falling, the economy weak and inflationary pressures mounting.
- Some feel that there is an mounting risk of some sort of forex rate protest about USD weakness by European officials at any time.
- Asian bourses surprised many as they closed higher today on local considerations. Key European bourses are weaker. U.S. bond prices are better. The early call for the U.S. open is for lower share prices. Durable Goods, New Homes sales and weekly Energy inventories are awaited as well today.
- The commodity currencies (AUD, CAD and NZD) are up sharply. Oil and gold prices are higher ars they adjust to the weaker USD.
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