Wednesday April 9, 2008 - 20:19:53 GMT
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FOREX BLOG: GVI Market Snapshot - - Far East Open for 10 April 2008
GVI Market Snapshot- Far East Open
- Market Sentiment for the USD turned significantly more negative from earlier in the week Wednesday. The BOJ kept policy steady, as expected, but downgraded its economic outlook. Dealers looking ahead to the ECB and BOE policy decisions on Thursday bought the EUR/USD in anticipation of a hawkish policy posture by ECB President Trichet. Expectations that the BOE will cut rates by -25bps at that meeting have been supporting the EUR vs. the GBP. No policy changes are anticipated from the ECB.
- 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.
- The USD is softer vs. its Tuesday close vs. the EUR. The GBP is better as well. The carry trade financing currencies, CHF and JPY, are stronger.
- 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 closed weaker. Eurozone bond prices are higher. U.S. equities are closing weaker. U.S. bond prices are better.
- The commodity currencies (AUD, CAD and NZD) are weaker vs. the USD. Gold and oil are up strongly. A sharp decline in weekly crude oil inventories has given the oil a lift, along with the weakening USD.
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