Tuesday April 22, 2008 - 20:26:42 GMT
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FX Blog- Market Snapshot far East Open for 23 April 2008
GVI Market Snapshot- Far East Open for April 23, 2008
- Market Sentiment for the USD remained negative, especially vs. the EUR, on Tuesday. Dealers cannot cite any specific catalysts for the recent turn in sentiment, but said that EUR demand consistently seems to resurface on price breaks. Strong resistance at the 1.60 line set up the battle line Tuesday, but the 1.60 line was finally breached (1.6020 high).
- The USD is closing weaker vs. the EUR and the GBP from late Monday. The carry trade funding currencies, JPY and CHF, are stronger vs. the USD as well.
- The Shanghai Composite closed firmer, and the Hang Seng index closed higher in Hong Kong. The tech-heavy Nikkei was weaker. Key European bourses ended weaker. Eurozone bond prices were weaker again. U.S. equities fell as oil prices continued to advance. U.S. bond prices are mixed. This is a busy week for earnings reports.
- The commodity currencies (AUD, CAD and NZD) are higher vs. the USD. The CAD rebounded after the Bank of Canada cut its overnight target rate by 50bps to 3.00%, as expected. Gold and oil are firmer. Oil traded close to the key 120.00 line.
- No key U.S. data are due on Wednesday.
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