Monday May 5, 2008 - 09:44:12 GMT
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FX Blog- Market Snapshot Europe Mid-Session 5 May 2008
GVI Market Snapshot- Europe Mid-Session May 5, 2008
- The USD has corrected modestly lower in Monday in a session market by holidays in the key Tokyo and London centers. The markets are still adjusting to the U.S. April jobs figures on Friday that were not bad as feared. Recent data from the U.S. have been weak, but not as weak as market estimates. For the moment, the EUR/USD 1.5500 line is pivotal to the tone of the U.S. currency.
- Today at 14:00 GMT, the U.S. ISM April Services PMI is seen at 49.5 vs. 48.6 a month ago.
What the Markets are Saying:
Forex and Commodities:
- The USD is trading lower vs. the EUR and is steady vs. GBP from late Friday. The EUR/GBP cross has gained.
- The carry trade funding currencies, JPY and CHF, are stronger vs. the USD. EUR/JPY has gained. EUR/CHF is steady. The CHF is higher vs. the JPY
- The carry-trade driven currencies (AUD, CAD and NZD) are mostly up vs. the USD. Also Gold and oil are higher.
Equities and Bonds:
- The Shanghai Composite closed higher. The Hang Seng index eased. The Japanese Nikkei was closed due to the Golden Week holidays.
- Key European bourses are about steady. The FTSE is closed for a holiday Eurozone benchmark bonds are mixed to higher.
- U.S. equities are currently seen opening lower later. U.S. bond prices are weaker.
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