Friday March 7, 2008 - 10:45:51 GMT
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FX Blog- Market Snapshot Europe Mid-Session 7 March 2008
GVI Market Snapshot- Europe Mid-Session
- The USD is trading lower vs. the EUR and GBP from late Thursday levels heading into the February Employment data. The EUR/USD and other units have already been making new recent and all-time highs. The carry trade financing currencies, CHF and JPY, are stronger as well.
- Market estimates for the data vary widely, but it is hard to imagine a positive outcome for the USD in light of the mood of traders about the U.S. economy. Traders appear to have set USD shorts into the jobs data relaase.
- Commodity currencies (AUD, CAD and NZD) are all stronger vs. the USD. Gold is holding about steady but the psychological $1,000 mark is stil in sight. Crude Oil (WTI)is a touch easier but remains at lofty levels.
- Asian bourses closed down sharply today on the weak USD. Key European bourses are weaker. The early call for U.S. stocks is for lower at this hour. U.S. bond prices are sharply higher.
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