Thursday March 6, 2008 - 10:56:16 GMT
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FX Blog- Market Snapshot Europe Mid-Session 6 March 2008
GVI Market Snapshot- Europe Mid-Session
- The USD is trading significantly vs. EUR and GBP from late Wednesday levels. The EUR/USD has made another new record high. The primary carry trade financing currencies, CHF and JPY, are substantially stronger as well. Dealers appear to be setting USD shorts ahead of the February jobs data on Friday.
- The markets are awaiting the BOE (12:00 GMT-7:00 EST) and ECB (12:45GMT-07:45 EST) shortly. Both central banks are expected to keep policy on hold and the ECB is expected is seen extending its hawkish posture on inflation. This is another bearish USD influence.
- Commodity currencies (AUD and NZD) mixed vs. the USD. The Reserve Bank of New Zealand kept its Cash rate target at 8.25% today, but indicated it was hard to see reasons for a rate cut. The CAD is steady. In response to the weak USD, Gold has approached the $1000 mark. Crude Oil (WTI) is about steady after pushing new high earlier.
- Asian bourses up strongly on the better than expected U.S. ISM services PMI on Wednesday. Key European bourses are weaker. U.S. stocks are seen opening lower. U.S. bond prices are higher.
- Dealers will be watching the level of initial jobless claims today. The major focus of trade now is the U.S. February employment data on Friday.
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