Monday March 31, 2008 - 10:09:28 GMT
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FX Blog- Market Snapshot Europe Mid-Session 31 March 2008
GVI Market Snapshot- Europe Mid-Session
- Market Sentiment appears to be cautiously bearish to start the new week. Traders are already setting up for what is expected to be a weak March employment report on Friday. Today has seen the release of a greater than expected increase on Eurozone HICP, which is thought to have pushed further into the future expectations for an ECB rate reduction.
- The USD is weaker vs. the EUR but higher vs. the GBP from late Friday levels. The carry trade financing currencies, CHF and JPY, are mixed. Today marked the end of the Japanese fiscal year.
- Asian bourses closed weaker. The Shanghai Composite fell sharply after the government took no steps to support shares, as it was rumored they would on Friday. Key European bourses are weaker. The early call for the open of U.S. equities is for lower. U.S. bond prices are about steady.
- The commodity currencies (AUD, CAD and NZD) are steady to lower vs. the USD. Gold is higher and oil is unchanged. Today sees the Chicago PMI.
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