Wednesday April 30, 2008 - 20:37:49 GMT
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FX Blog- Market Snapshot Far East Open for 1 May 2008
GVI Market Snapshot- Far East Open for May 1, 2008
- Market Sentiment for the USD has turned negative late on Wednesday following a session full of market-moving developments. The FOMC cut its Fed Funds target by-25bps to 2.0%, as widely expected. Its policy statement did not clearly signal that this was the final easing of the cycle as many had been hoping. During the day, economic releases were weak, but they were not as soft as feared. The ADP private employment report was not as weak as expected, but these data are always suspect. Odds are that the forecasting community will be improving their estimates for the April U.S. employment report due on Friday. Many overseas markets are closed Thursday for various May Day observances.
- The USD is trading lower vs. the EUR and GBP from late Tuesday. The carry trade funding currencies, JPY and CHF, are mixed to stronger 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 kept policy steady as widely expected. Key European bourses closed higher. Eurozone bond prices were modestly better. European economic data today were on the soft side. U.S. equities are ending mixed to higher. U.S. bond prices are better.
- The commodity currencies (AUD, CAD and NZD) are higher vs. the USD, except the CAD, which fell after weaker than expected Canadian GDP data. Gold and oil are mixed.
- .Thursday sees U.S. Personal income and spending data, plus the core PCE report. Weekly jobless claims and the ISM PMI are due as well.
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