Wednesday April 23, 2008 - 20:47:42 GMT
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FX Blog- Market Snapshot Far East Open for 24 April 2008
GVI Market Snapshot- Far East Open for April 24
- Market Sentiment for the USD improved over the day on Wednesday, but it still could be at risk to the downside. Early in the N.Y. session dealers cited a number of orders to sell the EUR/USD by long-term hedgers as they sought to start to take advantage of prices around the 1.60 level. Presumably they felt that these levels will not last for very long.
- The USD is trading higher vs. the EUR from late Tuesday. The GBP has eased as well following a mixed report from latest BOE policy meeting. Flash Eurozone manufacturing and Service PMI data for April were mixed. 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 ended mostly higher. Eurozone bond prices are steady. U.S. equities are ending higher. U.S. bond prices are weaker. This is a busy week for earnings reports.
- The commodity currencies (AUD, CAD and NZD) are mostly up strongly vs. the USD. The CAD is weak following a poor retail sales report. Australian quarterly inflation data were hotter than expected and saw the Aussie and kiwi spike higher. Gold and oil are trading weaker. Weekly energy inventories sent mixed signals.
- Thursday sees the German Ifo data, U.S. weekly jobless claims, durable goods orders and new homes sales.
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