Friday February 29, 2008 - 11:48:39 GMT
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FX Blog Market Snapshot-- Europe Mid-Session 29 February 2008
GVI Market Snapshotâ€” Europe Mid-Session
- On Thursday, the USD reacted quite negatively to testimony from Chairman Bernanke. The markets focused in on his comment that bank failures are possible and there was a broad perception that the central bank chief is not concerned about USD weakness.
- Today EUR/USD has recovered modestly against the EUR. The GBP is weaker following U.K. housing data. The EUR/USD managed a new record high earlier. The carry trade financing currencies (JPY and CHF) are sharply higher vs. the USD with the JPY especially strong.
- Commodity currencies (AUD and NZD) are weaker vs. the USD. Gold and oil prices are mixed as they have been adjusting to the changes in the value of U.S. currency.
- Today has seen the usual heavy end of month flow of international economic data. Key U.S. data include personal income and the latest PCE deflator, the Chicago PMI and University of Michigan Sentiment index.
- Some still feel that there is an mounting risk of some sort of forex rate protest about USD weakness by European and Asian officials at any time.
- Asian bourses closed mostly mixed today. The Shanghai Composite improved on an easing of liquidity worries. Key European bourses are weaker. U.S. stocks are seen opening sharply weaker as of this hour. U.S. bond prices are higher.
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