Thursday March 27, 2008 - 20:43:01 GMT
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FX Blog- Market Snapshot Far East Open for 28 March 2008
GVI Market Snapshot- Far East Open
- Market Sentiment remained cautious most of the day on Thursday. Some feel that the USD needed to consolidate its substantial declines in the wake of a number of weak U.S. economic reports recently. The releases of final U.S. 4Q07 GDP and weekly initial jobless claims had little net impact.
- The USD is holding onto its early gains vs. the EUR and is now higher vs. the GBP from late Wednesday levels after opening weaker. The carry trade financing currencies, CHF and JPY, are weaker as well, although there does not appear to have been a run back into carry trades. Deleveraging remains the current market theme.
- Asian bourses closed mixed to lower. The Shanghai Composite fell sharply (-5%) again on Thursday as that stock price bubble continues to deflate. Key European bourses closed higher. U.S. equities ended weaker. U.S. bond prices are weaker.
- The commodity currencies (AUD, CAD and NZD) are a bit weaker vs. the USD. Gold is weaker and oil is higher. A slew of Japanese data are due early on Friday. The U.S. sees personal income of the final March University of Michigan data.
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