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Thursday March 6, 2008 - 05:34:54 GMT
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FX Thoughts for the Day - www.fxthoughts.com
Fx Thoughts - Asian Morning BriefingGOOD MORNING!
Overnight the US ADP Nonfarm Employment change was much lower than expectations (-23K against expectation of 10K) and led to another session of Dollar weakness. AUD-USD partly resuming its bull run, while Euro and GBP also gained slightly overnight.
New Zealand has kept the interest rates unchanged at 8.25% on the expected grounds this morning.
Today we expect not much crackers in the currencies, despite two interest rate statements, as both ECB and BOE are both expected to keep rates unchanged. However, we expect comments from Trichet to be largely balanced, and in the process could drive EUR-USD even higher. Along with Trichet's statement, ECB staff projection for the Euro zone growth is also expected within the day.
Crude is in the news once again as a drop in supplies was reported yesterday. Crude shot up to $104.95, a move of $5. Earlier this week, oil prices broke the previous inflation-adjusted price record of $103.76, set in 1980 during the Iran hostage crisis. Gold has hit a fresh high of $995.20 yesterday, but is currently trading lower by about $10. Silver too, in metals, has shot up from $19.86 to $20.87 in the day.
Data Releases today
Australian Trade Deficit Came in higher than expectation at Aud$ -2.72 Bln. Please see chart at
BOE Interest Rate Decision to come out in the Day. Please refer to chart at
ECB Interest Rate Decision to come out during the Day. Please refer to chart at
Tomorrow will be a picture prefect finish to a week filled with Economic releases, including five central Bank meetings. US NFP will be released, before which the BoJ will release their interest rate statement. Canadian Labour force also scheduled to be released tomorrow.
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