Monday April 14, 2008 - 10:20:36 GMT
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FX Blog- Market Snapshot Europe Mid-Session 14 April 2008
GVI Market Snapshot- Europe Mid-Session
- Market Sentiment for the USD has improved mainly against the EUR following a stronger than expected G7 statement on forex over the weekend. The main focus of the statement appeared to be on the recent strength of the EUR. On the other hand, many are still unclear about what concrete steps, if any, the group is prepared to take to contain the EUR and support the USD.
- The USD is higher vs. the EUR against its Friday close, and about steady vs. the GBP, following worrisome U.K. producer prices data. The carry trade funding currencies, JPY and CHF, are about steady as well.
- The Shanghai Composite and Hong Kong exchanges fell sharply on ongoing inflation concerns in China and in reaction to the GE data on Friday. The Nikkei fell sharply as well. Key European bourses are lower. Eurozone bond prices are better. U.S. equities are now seen opening lower following the Wachovia earnings release. U.S. bond prices are better.
- The commodity currencies (AUD, CAD and NZD) are weaker vs. the USD. Gold and oil are weaker. Dealer will be looking ahead to March retail sales data today
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