Monday April 28, 2008 - 10:03:08 GMT
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FX Blog- Market Snapshot Europe Mid-Session 28 April 2008
GVI Market Snapshot- Europe Mid-Session
- Market Sentiment for the USD has turned negative early on Monday heading into an expected -25bp Fed rate cut on Wednesday and ahead of the April U.S. employment report on Friday. Many overseas markets will be closed Thursday for May Day and as a result, participation on Friday should be sharply curtailed.
- The USD is trading weaker vs. the EUR from late Friday. The GBP is up against the USD. The carry trade funding currencies, JPY and CHF, are better vs. the USD.
- The Shanghai Composite closed higher on talk Beijing may start to restrain the pace of yuan increase. In Hong Kong, the Hang Seng index closed higher as well. The Japanese Nikkei closed up. 10-yr JGB prices fell sharply again. Key European bourses are mostly better at this hour. Eurozone bond prices are mixed. At this hour, U.S. equities are seen opening higher later. U.S. bond prices are mixed.
- The commodity currencies (AUD, CAD and NZD) are higher vs. the USD. Gold and oil are higher. An oil worker strike in Scotland is putting upward pressure on crude today.
- Today is a light session for U.S. with no major data slated for release.
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