Friday April 18, 2008 - 09:56:30 GMT
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FX Blog- Market Snapshot Europe Mid-Session 18 April 2008
GVI Market Snapshot- Europe Mid-Session
- Market Sentiment for the USD remains mixed heading into N.Y. after a volatile Thursday session. German factory gate inflation (+4.2% yr/yr) today provided further support for the view that the ECB will not be easing policy soon. Some say that absent the global financial troubles, the ECB would be considering rate hikes at the present time. Some traders still feel that an eventual run at the 1.60 EUR/USD line is inevitable. Comments by EU President Junker Thursday protesting the strength of the EUR indicated that the point of pain has been reached for European politicians, if not the central bank.
- The USD is trading weaker vs. the EUR and GBP against its Thursday closes. The EUR/USD just barely made a new record high (1.5985) on Thursday. The carry trade funding currencies, JPY and CHF, are weaker vs. the USD.
- Today, the Shanghai Composite fell, and the Hang Seng index closed lower in Hong Kong. The tech-heavy Nikkei advanced following more better than expected earnings results. Key European bourses are up slightly. Eurozone bond prices are weaker. U.S. equities are looking to open slightly better as of this hour. Citi earning will be watched very closely today. U.S. bond prices are easier.
- The commodity currencies (AUD, CAD and NZD) are mixed vs. the USD. Gold and oil are mixed.
- No major data are slated for today.
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