Thursday February 28, 2008 - 10:59:32 GMT
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FX Blog: Market Snapshot Europe Mid-Session 28 February 2008
GVI Market Snapshotâ€” Europe Mid-Session
- Forex markets await the second round of testimony by Fed Chairman Bernanke today. Dealers often tend to react negatively to his appearances. The USD fell sharply on Wednesday. It remains to be seen if there will be a reaction again today.
- The EUR/USD is consolidating some of the gains made this week at the moment. The GBP is about steady. The carry trade financing currencies (JPY and CHF) are about steady vs. the USD.
- The commodity currencies (AUD, CAD and NZD) are trading mixed at this hour. Gold prices and oil prices are softer as they adjust to the USD reaction. In other commodities, dealers have been keeping tabs on the wild ride in wheat this week.
- The N.Y. open will see weekly jobless claims and revisions to 4Q07 GDP data.
- Some feel that there is an mounting risk of some sort of forex rate protest about USD weakness by European officials at any time. Nevertheless, comments by ECB officials quashed hopes for an early rate cut by that central bank.
- Asian bourses closed mixed today, while key European bourses are currently weaker. The early call for the U.S. open is for lower share prices. U.S. bond prices are better.
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