Tuesday March 4, 2008 - 21:45:19 GMT
Share This Story
Global-View - www.global-view.com
FX Blog: Market Snapshot Far East Open 5 March 2008
GVI Market Snapshot- Far East Open
- The USD closing Tuesday about steady vs. EUR and GBP from late Monday levels. The carry trade financing currencies, CHF and JPY, remain bid but are now about steady. Dealers noted an unwind of carry trades of all sorts.
- Commodity currencies (AUD and NZD) are sharply weaker vs. the USD. The RBA hiked its Cash Rate by +25bps to 7.25% as expected. Instead of responding to higher interest rates, the markets reacted adversely to hints by the central bank that Australian rates have reached their cyclical peaks. The CAD eased after the Bank of Canada announced a -50 bp rate cut, and hinted at future rate cuts. 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 were weaker. U.S. stocks are closing mixed. U.S. bond prices are weaker.
- This is an active week for U.S. data and central bank decisions. The ADP private employment report early on Wednesday will be closely watched.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."