Wednesday April 30, 2008 - 10:07:53 GMT
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FX Blog- Market Snapshot Europe Mid-Session 30 April 2008
GVI Market Snapshot- Europe Mid-Session
- Market Sentiment for the USD has turned more positive into the FOMC decision later today. A -25bp rate cut is seen as a lock. Many feel that this could be the final easing of the cycle. The major focus will be on the tone of the policy statement. Some say that with eight weeks until the next meeting that the Fed has room to be ambiguous. This large time gap will give them a lot of time to assess incoming before committing to their next decision. Looking beyond the Fed decision, the April U.S. employment report on Friday is expected to be weak. Many overseas markets will be closed on Thursday for May Day.
- The USD has extended its Tuesday rebound vs. the EUR. The GBP is modestly lower against the USD. The carry trade funding currencies, JPY and CHF, are mixed vs. the USD.
- The Shanghai Composite closed up strongly on solid earnings reports. In Hong Kong, the Hang Seng index closed lower. The Japanese Nikkei closed lower following soft economic data. The BOJ keep policy steady as widely expected. Key European bourses are currently mixed. Eurozone bond prices are better. European economic data today have been on the soft sid U.S. equities are seen opening lower later. U.S. bond prices are mixed.
- The commodity currencies (AUD, CAD and NZD) are about steady vs. the USD. Gold and oil are easier.
- .Wednesday sees U.S. 1Q08 GDP and the Chicago PMI. The FOMC decision is expected at 18:15 GMT.
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