Tuesday March 25, 2008 - 20:43:31 GMT
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FX Blog- Market Snapshot Far East Open for 26 March 2008
GVI Market Snapshot- Far East Open
- The USD is closing down sharply vs. the EUR and GBP from late Monday levels in N.Y. Activity started to return to near normal levels Tuesday following the long four-day Easter holiday in key several key centers. The price action in part was mainly corrective in nature. There was talk early that sovereign wealth funds had been large buyers of EUR/USD in Asia. The carry trade financing currencies, CHF and JPY, are ending stronger vs. the USD.
- The major focus of trade was 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 closed up sharply as well. U.S. equities put in a steady session following several strong advances. U.S. bond prices ended higher.
- The commodity currencies (AUD and NZD) are higher vs. the USD. The CAD is steady. Gold is ending better and oil is about steady. Data highlights from the U.S. on Wednesday in clued the German IFO survey and U.S. Durable Goods and New Homes sales.
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