Wednesday April 16, 2008 - 20:44:26 GMT
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FX Blog- Market Snapshot Far East Open for 17 April 2008
GVI Market Snapshot- Far East Open
Market Sentiment for the USD is ending the day negative after a trying session. The session saw final Eurozone HICP revised up to 3.6% yr/yr after a flash estimate of +.35%. This was a record high for the data and well above the ECB target of below 2.0%. Dealers say the data reinforced the notion that the central bank is nowhere near a policy easing.
The USD is ending down sharply vs. the EUR and GBP against. its Tuesday closes. The EUR/USD made a new record high as it approached the psychological 1.60 line. The carry trade funding currencies, JPY and CHF, are mixed to 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 raised its bank reserve requirements on Wednesday. The tech-heavy Nikkei advanced following positive Intel results late Tuesday. Key European bourses closed higher. Eurozone bond prices are weaker. U.S. equities are closing higher. U.S. bond prices are easier as well.
The commodity currencies (AUD, CAD and NZD) are sharply higher vs. the USD. Gold and oil are mixed.
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