Wednesday March 19, 2008 - 10:10:37 GMT
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FX Blog- Market Snapshot Europe Mid-Session 19 March 2008
GVI Market Snapshot- Europe Mid-Session
- The USD opening sharply weaker vs. the EUR against late Tuesday levels. The GBP is weaker, suggesting that EUR demand may be coming out of sterling. The session has seen unfounded rumors of problems at one of the clearers and possible issues at a hedge fund. The old carry trade financing currencies, CHF and JPY, are considerably stronger as well..
- Financial markets responded positively to the smaller than expected -75bp cut in the Fed Funds rate yesterday. Futures had priced in a 100 bp rate cut Still the monetary accommodation was viewed positively as the door was left open for future ease. Markets immediately priced in a-50bps end of April rate cut.
- Asian bourses have followed the U.S. Tuesday and closed sharply higher. Key European bourses are mixed. The FTSE is currently showing some weakness. U.S. equities are currently seen opening weaker. U.S. bond prices are sharply higher.
- The commodity currencies (AUD, CAD and NZD) are stronger vs. the USD. Gold and oil prices are higher.
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