Thursday March 6, 2008 - 21:31:50 GMT
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FX Blog- Market Snapshot Far East Open 6 March 2008
GVI Market Snapshot- Far East Open
- The USD is trading significantly lower vs.the EUR and GBP from late Wednesday levels. The EUR/USD and other units made new highs. 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 BOE and ECB both kept policy on hold. The ECB extended its hawkish posture on inflation. There were no signals that a rate cut is in the pipeline.
- Commodity currencies (AUD and NZD) ended lower vs. the USD. In response to the weak USD, Gold approached the $1,000 mark before selling off. Crude Oil (WTI) is made new record peaks and is ending higher.
- Asian bourses closed up strongly on the better than expected U.S. ISM services PMI on Wednesday, but key European bourses closed weaker. U.S. stocks ended lower as well. U.S. bond prices are sharply higher.
- The major focus of trade now is the U.S. February employment data on Friday.
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