Wednesday March 5, 2008 - 11:05:25 GMT
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FX Blog- Market Snapshot Europe Mid-Session 5 March 2008
GVI Market Snapshot- Europe Mid-Session
- The USD opening Wednesday higher vs. EUR and GBP from late Tuesday levels. The carry trade financing currencies, CHF and JPY, are now easier. Dealers have been noting an unwind of carry trades of all this week to include the high yielding currencies, commodities and equities.
- Commodity currencies (AUD and NZD) are weaker vs. the USD again, as the markets reacted adversely to hints by the RBA that Australian rates have reached their cyclical peaks. The CAD is steady after the Bank of Canada announced a -50 bp rate cut, and hinted at future rate cuts. Gold and Crude Oil (WTI) are modestly higher.
- Asian bourses closed lower. Key European bourses are firmer. U.S. stocks are seen steady to higher. U.S. bond prices are stronger.
- This is an active week for U.S. data and central bank decisions. The ADP private employment report and energy inventories will be closely watched.
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