Wednesday April 9, 2008 - 10:03:18 GMT
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FX Blog- Market Snapshot Europe Mid-Session 9 April 2008
GVI Market Snapshot- Europe Mid-Session
- Market Sentiment for the USD has turned more neutral from earlier in the week. The BOJ kept policy steady today, as expected, but downgraded its economic outlook. Many are looking ahead to the G7 on the weekend, but. officials have been sending signals that no consensus has been reached that action in support of a stronger USD is contemplated. Dealers are looking ahead to the ECB and BOE policy decisions on Thursday. Expectations that the BOE will cut rates by -25bps at that meeting have been giving the EUR a lift vs. the EUR. No policy changes are anticipated from the ECB on Thursday.
- The USD is softer vs. its Tuesday closes vs. the EUR. The GBP is steady. The carry trade financing currencies, CHF and JPY, are firmer.
- The volatile Shanghai Composite closed down sharply while the Hong Kong exchange was weaker. The Nikkei fell. Gloomy Fed minutes were cited as a key influence. Key European bourses are weaker. Eurozone bond prices are higher. The early call for the open of U.S. equities is for a lower open. U.S. bond prices are better.
- The commodity currencies (AUD, CAD and NZD) are weaker vs. the USD. Gold and oil are weaker.
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