Thursday March 20, 2008 - 10:02:36 GMT
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FX Blog- Market Snapshot Europe Mid-Session 20 March 2008
GVI Market Snapshot- Europe Mid-Session
- The USD is up substantially the EUR from late Wednesday levels. The GBP is softer, but has just been given a lift by stronger than expected retail sales data. The legacy carry trade financing currencies, CHF and JPY, are weaker vs, the USD.
- Ahead of the long (four-day) weekend in several centers, dealers appear to be unwinding frothy short USD positions across the board. These positions were not only in other currencies, but in commodities such as gold and oil, and selected equity markets. There appear to be no concrete reasons to fear official actions over the weekend,.
- Asian bourses closed weaker. The Hang Seng was especially hard hit. Key European bourses are lower. The early call for the open of U.S. equities is for higher. U.S. bond prices arelower.
- The commodity currencies (AUD, CAD and NZD) are weaker vs. the USD. Gold and oil prices are substantially lower. Today was a market holiday in Japan. Many overseas markets will be closed on Friday and Monday.
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