Thursday May 8, 2008 - 20:31:15 GMT
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FX Blog- Market Snapshot Far East Open for 8 May 2008
Global-View.com Market Sentiment reports are prepared periodically during trading sessions by the trading professionals at GVI Gold. For more information on the GVI Gold Service Click Here.
GVI Market Snapshot- Far East Open for May 9, 2008
- Market sentiment for the USD turned less bullish following the ECB decision and press conference on Thursday. Key also in recent sessions has been a couple of pieces of weak data out of Europe and Germany. The markets now appear to be taking a medium term view on prospective relative growth patterns in the U.S. and Europe. Dealers saw no inklings of a softening of the anti-inflationary rhetoric by the ECB. The unrestrained rise in oil prices continues to unsettle the markets although oil appears to have unlinked from the USD.
- The BOE policy decision resulted in no change in key interest rates as most had expected.
- U.S. and Canadian March trade figures are set for release on Friday. No other major data are due.
What the Market Prices are Indicating:
Forex and Commodities:
- The USD is now trading steady vs. the EUR, and the GBP is unchanged from late Wednesday. The EUR/GBP is steady.
- The carry trade funding currencies, JPY and CHF, are higher vs. the USD. EUR/JPY is weaker. The EUR/CHF is weaker. The CHF is weaker vs. the JPY
- The carry-trade driven currencies (AUD, CAD and NZD) are ending mixed vs. the USD. Poor employment data have weighed on the kiwi. Aussie jobs growth was stronger than expected. Gold and oil are mixed. Crude oil remains at near record levels.
Equities and Bonds:
- The Shanghai Composite closed higher, but Hang Seng index fell. The Japanese Nikkei closed lower.
- Key European bourses have closed lower. Eurozone benchmark bonds are stronger.
- U.S. equities are closing higher. U.S. bond prices are higher.
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