Tuesday March 25, 2008 - 10:06:17 GMT
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FX Blog- Market Snapshot Europe Mid-Session 25 March 2008
GVI Market Snapshot- Europe Mid-Session
- The USD is down sharply vs. the EUR and GBP from late Monday levels. Easter Monday trade had been restrained due to holidays in many key centers. Activity should return to near normal levels starting today. Some are wondering if today‚Äôs price action is mainly corrective in nature. There has been talk that sovereign wealth funds were large buyers of EUR in Asia. The carry trade financing currencies, CHF and JPY, are stronger vs. the USD.
- A focus of trade today has been on the performance of equities. Markets that had been closed for the Easter break rallied to catch up with North American shares. Asian bourses closed up strongly. Key European bourses are trading up sharply. U.S. equities are seen opening weaker. U.S. bond prices are higher.
- The commodity currencies (AUD, CAD and NZD) are higher vs. the USD. Gold is better and oil is lower. Data highlights from the U.S. today are the Case Shiller index and the Conference Board sentiment survey.
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