Wednesday March 19, 2008 - 20:43:52 GMT
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FX Blog- Market Snapshot Far East Open for 19 March 2008
GVI Market Snapshot- Far East Open
- The USD closing modestly higher vs. the EUR against late Tuesday levels and well above its lows of the day. The GBP ending sharply weaker, suggesting that some EUR demand may be coming out of sterling. The session saw unfounded rumors of problems at one of the clearers and possible issues at a hedge fund. A myriad of other rumors surfaced as well. The old carry trade financing currencies, CHF and JPY, are ending stronger vs. the USD.
- Financial markets continued to respond positively to the smaller than expected -75bp cut in the Fed Funds rate yesterday. The monetary accommodation was viewed positively as the door was left open for future ease.
- Asian bourses have followed the U.S. Tuesday and closed sharply higher. Key European bourses closed lower. U.S. equities ended weaker. U.S. bond prices are sharply higher.
- The commodity currencies (AUD, CAD and NZD) are stronger vs. the USD. Gold and oil prices tumbled substantially lower. Thursday is a market holiday in Japan. Many markets will be closed on Friday and Monday.
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