Thursday April 24, 2008 - 20:25:06 GMT
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FX Blog- Market Snapshot Far East Open for 25 April 2008
GVI Market Snapshot- Far East Open for April 25, 2008
- Market Sentiment for the USD continued to improve on Thursday. The unit got a major boost from the release of weaker than expected German Ifo data. Further support came from a WSJ article written by Greg Ip that suggested that the FOMC next week may cut rates by only -25bps next week and send a neutral policy signal afterwards.
- The USD is trading considerably higher vs. the EUR from late Wednesday. The GBP has eased as well, despite better than expected y/y retail sales data. The carry trade funding currencies, JPY and CHF, are weaker vs. the USD.
- The Shanghai Composite closed up strongly (+9%) after the government removed the stamp tax from stock purchases for domestic investors. In Hong Kong, the Hang Seng index closed higher as well. The tech-heavy Japanese Nikkei closed down modestly. Key European bourses ended mostly better. Eurozone bond prices are mixed. U.S. equities are closing. U.S. bond prices are sharply weaker.
- The commodity currencies (AUD, CAD and NZD) are mostly weaker vs. the USD. The CAD has improved. The RBNZ held policy steady on Thursday and signaled steady rates into the immediate future. Gold and oil are trading weaker.
- Friday is a light session for U.S. with only the University of Michigan sentiment survey slated.
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