Tuesday May 13, 2008 - 20:39:40 GMT
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FX Blog- Market Snapshot Far East Open for May 14, 2008
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GVI Market Snapshot- Far East Open for May 14, 2008
- Market sentiment for the USD remains in flux. Tuesday it 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 weaker .
- 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. were better than expected. Key U.S. data Wednesday will be the release of the April CPI report..
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 higher.
- The carry-trade driven currencies (AUD, CAD and NZD) are trading mixed vs. the USD. Gold and oil are mixed.
- The carry trade financing currencies, JPY and CHF, are weaker vs. the USD. EUR/JPY is higher. The EUR/CHF is firmer. The CHF is steady 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 closed mixed. Eurozone benchmark bonds were weaker.
- U.S. equities closed lower. U.S. bond prices are lower.
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