Thursday April 3, 2008 - 20:44:34 GMT
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FX Blog- Market Snapshot Far East Open for 4 April 2008
GVI Market Snapshot- Far East Open
- Market Sentiment about the USD has remained volatile again as orders to sell EUR on its crosses early frustrated those trying to establish USD shorts into the March employment report on Friday. Later in the day, offset EUR/USD selling faded. One weight on the Euro in the morning was the release of weaker than expected EZ retail sales data. Dealers have also been citing JPY selling out of Japan in the early days of the new Japanese fiscal year.
- Friday sees the release of March U.S. non-farm payrolls. Street estimates are for a decline in jobs of -50,000 in the month, after -63,000 in February. Weekly jobless claims on Thursday suggested that the employment situation in the U.S. may have started to deteriorate sharply. Its unclear if this development will show up in the data on Friday.
- The USD is down sharply from its early highs vs. the EUR, but is still higher from late Wednesday. The GBP is higher from late Wednesday levels. The carry trade financing currencies, CHF and JPY, are mixed.
- Asian bourses closed higher. Key European bourses are lower. U.S. equities are also ending weaker. U.S. bond prices are higher.
- The commodity currencies (AUD, CAD and NZD) are mixed vs. the USD. Gold and oil are lower.
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