Tuesday March 4, 2008 - 11:10:59 GMT
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FX Blog: Market Snapshot Europe Mid-Session 4 March 2008
GVI Market Snapshot- Europe Mid-Session
- The USD is opening about steady vs. EUR and GBP from late Monday levels. The carry trade financing currencies, CHF and JPY, remain bid.
- Commodity currencies (AUD and NZD) are sharply weaker vs. the USD. The RBA hiked is Cash Rate by +25bps to 7.25% as expected, but the markets reacted adversely to hints by the central bank that rate hae reached their cyclical peaks. CAD is steady heading into the Bank of Canada policy decision at 14:00 GMT (09:00 EST). A -50 bp rate cut is widely expected today although there is a lot of talk about a -75bp reduction in tits 4.00% target rate. Gold and Crude Oil (WTI) are easier.
- Asian bourses closed mixed. The Nikkei ended steady as the USD/JPY steadied, while liquidity issues plagued the Chinese indices as they closed lower again. Key European bourses are weaker. The early call for U.S. stocks is for weaker. U.S. bond prices are better. This is an active week for U.S. data and central bank decisions. Fed Chair Bernanke is slated to speak at 14:00 GMT (09:00 EST).
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