Friday April 11, 2008 - 09:53:55 GMT
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FX Blog- Market Snapshot Europe Mid-Session 11 April 2008
GVI Market Snapshot- Europe Mid-Session
- Market Sentiment for the USD appears to be modestly more negative heading into the weekend Also the EUR is trading up on its JPY and GBP crosses.
- The ECB decision to hold rates steady yesterday was no surprise the markets. The main focus following the policy decision was the press conference of ECB President Trichet, who continued to toe a hawkish line on interest rates.
- Many are looking ahead to the G7, but officials have been sending signals that no consensus has been reached that no special actions in support of a stronger USD are being contemplated.
- The USD is now lower vs. its Thursday close vs. the EUR. The GBP is firmer as well. The carry trade financing currencies, CHF and JPY, are mixed.
- The Shanghai Composite and Hong Kong exchanges closed higher. The Nikkei gained sharply. Key European bourses are higher. Eurozone bond prices are weaker. U.S. equities are now seen opening higher. U.S. bond prices are mostly lower.
- The commodity currencies (AUD, CAD and NZD) are mixed to higher vs. the USD. Gold and oil are mixed. Dealers will be looking ahead to the University of Michigan Sentiment survey today.
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