Thursday March 13, 2008 - 20:23:27 GMT
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FX Blog- Market Snapshot Far East Open for 14 March 2008
GVI Market Snapshot- Far East Open
- The USD is heading into Asian trade weaker again vs. the EUR and GBP from late Thursday levels. The carry trade financing currencies, CHF and JPY, are stronger as well.
- USD weakness stemmed from risk aversion trades following word late in Asian trade that the Carlyle Group had run into financing difficulties. There had already been vague rumblings late Wednesday about new possible funding issues at some non-bank financial firms. Also, commodity exchanges saw an increase in margin requirements due to increased market volatility. The tone of all the markets switched at about mid-session in N.Y. after S&P said that the end of mortgage write-downs is in sight.
- Commodity currencies (AUD, CAD and NZD) are firmer vs. the USD. Gold is up and oil is better.
- Asian bourses closed sharply weaker on financial market worries. Key European bourses ended off sharply. U.S. stocks closed modestly higher following early weakness.. U.S. bond prices are ending mostly weaker..
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