Wednesday March 12, 2008 - 10:09:09 GMT
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FX Blog- Market Snapshot Europe Mid-Session 12 March 2008
GVI Market Snapshot- Europe Mid-Session
- The USD is heading into N.Y. trade lower vs. the EUR and GBP from late Tuesday levels. The carry trade financing currencies, CHF and JPY, are better as well.
- Dealers say that USD weakness is probably a reaction to broad gains registered on Tuesday. The USD advanced after the Fed took a bold step on Tuesday to make available USD200bln in government securities for 28-day swaps with primary dealers. The purpose of the move was to help reliquify the money markets. Fed staff also let it be known that the amount of securities available could be increased if necessary. Both the bond and equity markets reacted strongly to the news. Equities rallied and some of the flight-to-safety bid came out of the government bond markets. Financial markets are taking this as a watershed event.
- Commodity currencies (AUD, CAD and NZD) are mixed vs. the USD. Gold and oil are steady to weaker.
- Asian bourses closed mostly better today in response to the U.S. gains on Tuesday. The Shanghai Composite fell. Key European bourses have added to their gains from Tuesday. U.S. stocks are currently seen opening higher. U.S. bond prices have rebounded.
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