Tuesday April 22, 2008 - 09:59:40 GMT
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FX Blog- Market Snapshot Europe Mid-Session 22 April 2008
VI Market Snapshot- Europe Mid-Session
- Market Sentiment for the USD has turned negative, especially vs. the EUR, once again on Tuesday. Dealers are citing no specific catalyst for the turn, but say that demand consistently seems to resurface on sharp breaks. Strong resistance just below the 1.60 line has been a constant as well.
- The USD is trading weaker vs. the EUR and the GBP. The carry trade funding currencies, JPY and CHF, are steady vs. the USD.
- The Shanghai Composite closed firmer, and the Hang Seng index closed higher in Hong Kong. The tech-heavy Nikkei was weaker. Key European bourses are weaker. Eurozone bond prices are weaker again. U.S. equities are seen opening about steady later. U.S. bond prices are weaker. This is a busy week for earnings reports.
- The commodity currencies (AUD, CAD and NZD) are mixed to higher vs. the USD. The CAD has lagged the AUD and kiwi as the markets set up for an expected BOC -50 bp rate cut today. Gold and oil are firmer.
- Key U.S. data today include March existing homes sales.
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