Wednesday April 2, 2008 - 09:53:55 GMT
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FX Blog- Market Snapshot Europe Mid-Session 2 April 2008
GVI Market Snapshot- Europe Mid-Session
- Market Sentiment about the USD has turned negative early on Wednesday as dealers want to heading into the ADP private employment report before the N.Y. open with short positions. Unfortunately, many have found the report to be an unreliable forecast of the monthly employment data (due on Friday). Also many are looking ahead to the Bernanke testimony at 13:30 GMT to the House on the Bear Stearns episode.
- The USD is opening weaker vs. the EUR and the GBP from late Tuesday levels. The carry trade financing currencies, CHF and JPY, are stronger.
- Asian bourses closed higher. The Shanghai Composite traded a wild session with the index ending modestly higher. Key European bourses are currently higher. U.S. equities are currently seen opening weaker later. U.S. bond prices are higher again. There had been talk of asset reallocations by fund managers out of bonds and into shares yesterday.
- The commodity currencies (AUD, CAD and NZD) are stronger vs. the USD. Gold and oil are firmer.
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