Wednesday April 23, 2008 - 09:58:49 GMT
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FX Blog- Market Snapshot Europe Mid-Session 23 April 2008
GVI Market Snapshot- Europe Mid-Session
- Market Sentiment for the USD has marginally improved on Wednesday, but it still appears to be at risk to the downside. EUR/USD demand consistently seems to resurface on price breaks. On the other hand, 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 trading about steady vs. the EUR from late Tuesday. The GBP is holding steady as well following a mixed report from latest BOE policy meeting. Flash Eurozone manufacturing and Service PMI data for April were soft. The carry trade funding currencies, JPY and CHF, are weaker vs. the USD.
- The Shanghai Composite closed up strongly in a volatile session. In Hong Kong, the Hang Seng index closed higher as well. The tech-heavy Japanese Nikkei was about steady. Key European bourses are mixed to higher. Eurozone bond prices are steady. U.S. equities are currently seen opening higher later. U.S. bond prices are weaker. This is a busy week for earnings reports.
- The commodity currencies (AUD, CAD and NZD) mostly higher vs. the USD. Australian quarterly inflation data were hotter than expected. Gold and oil are trading weaker after WTI traded close to the key 120.00 line yesterday. Weekly energy inventories will be closely watched today.
- No key U.S. economic data are due on Wednesday.
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