Friday May 9, 2008 - 07:59:45 GMT
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FX Blog- Market Snapshot Europe Mid-Session 9 May 2008Global-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- Europe Mid-Session for May 9, 2008
- Market sentiment for the USD turned less positive following the ECB decision and press conference on Thursday. Clearly, the central bank is still focused primarily on price levels in the German economy to the detriment of a sizeable (35-45%) portion of the rest of Euroland. The critical question now is whether there will be a sustained USD reaction to this updated view. It had seemed that the markets were starting to switch to a medium term view on prospective relative growth patterns in the U.S. and Europe. The unrestrained rise in oil prices continues to unsettle the markets and the USD, although oil had appeared to have unlinked from the USD.
- U.S. and Canadian March trade figures are set for release at 12:30 GMT. No other major data are due.
What the Market Prices are Indicating:
Forex and Commodities:
- The USD is now trading lower vs. the EUR, and the GBP is unchanged from late Thursday. The EUR/GBP is higher.
- The carry-trade driven currencies (AUD, CAD and NZD) are trading mixed vs. the USD. Gold and oil are higher. Crude oil remains at near record levels.
- The carry trade financing currencies, JPY and CHF, are higher vs. the USD. EUR/JPY is weaker. The EUR/CHF is weaker. The CHF is steady vs. the JPY
Equities and Bonds:
- The Shanghai Composite closed lower, and the Hang Seng index fell. The Japanese Nikkei closed lower.
- Key European bourses are trading lower. Eurozone benchmark bonds are stronger.
- U.S. equities are seen opening lower later. U.S. bond prices are higher.
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