Wednesday April 16, 2008 - 09:58:14 GMT
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FX Blog- Market Snapshot Europe Mid-Session 16 April 2008
GVI Market Snapshot- Europe Mid-Session
Market Sentiment for the USD is on the back foot heading into N.Y. trade today. March final Eurozone HICP was revised up to 3.6% yr/yr from the flash +3.5% estimate a short while ago. This was a record high for the data and well above the ECB target of below 2.0%. Dealers say the data reinforce the notion that the central bank is nowhere near a policy easing.
The USD is down sharply vs. the EUR and GBP against. its Tuesday closes. The carry trade funding currencies, JPY and CHF, are stronger vs. the USD.
The Shanghai Composite and Hong Kong exchanges fell following Chinese GDP and inflation data, which suggested more monetary tightening is in store. The PBOC just raised its bank reserve requirements. The Nikkei advanced following the positive Intel results late Tuesday. Key European bourses closed higher. Eurozone bond prices are weaker. U.S. equities are seen opening higher. U.S. bond prices are about steady.
The commodity currencies (AUD, CAD and NZD) are mostly higher vs. the USD. Gold and oil are mixed. Today sees the key U.S. CPI report, Housing Starts, Industrial Production and the Fed Beige Book.
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