Tuesday May 13, 2008 - 09:52:02 GMT
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FX Blog- Market Snapshot Europe Mid-Session 13 May 2008
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GVI Market Snapshot- Europe Mid-Session for May 13, 2008
- Market sentiment for the USD continues to fluctuate. Early Tuesday it has turned back positive again. Nevertheless, we hold to the observation that the markets have tried to switch to a medium term view on prospective relative growth patterns in the U.S. vs. Europe.
- This switch has been reinforced by a sense that Washington now has decided that the USD is undervalued.
- The EUR/USD continues to pivot the 1.55 line. The JPY is stronger across the board
- Key U.K. consumer price data were higher than expected and now have raised the specter of stagflation in the U.K. April Retail Sales from the U.S. are the remaining highlight today.
What the Market Prices are Indicating:
Forex and Commodities:
- The USD is higher vs. the EUR. The GBP is lower from late Monday after more hot U.K. inflation data. The EUR/GBP is about steady.
- The carry-trade driven currencies (AUD, CAD and NZD) are trading weaker vs. the USD. Gold and oil are lower.
- The carry trade financing currencies, JPY and CHF, are mixed vs. the USD. EUR/JPY is significantly weaker. The EUR/CHF is lower. The CHF is weaker vs. the JPY
Equities and Bonds:
- The Shanghai Composite closed lower, while the Hang Seng gained. No lasting economic impact is seen from the devastating earthquake yesterday. The Japanese Nikkei closed better.
- Key European bourses are trading mixed. Eurozone benchmark bonds are about steady.
- U.S. equities are seen opening lower later. U.S. bond prices are higher.
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