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Wednesday May 14, 2008 - 20:13:35 GMT
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FX Blog- Market Snapshot Far East Open for 15 May 2008

GVI Market Snapshot- Far East Open for May 15, 2008

Market Sentiment:
  • Market sentiment for the USD continues to improve following comments by French Finance Minister Lagarde late Tuesday that at 1.5500 the EUR/USD was overvalued by 20%. This implies a French target on EUR/USD of about 1.2900. Few dealers feel that her perspective is necessarily that of the ECB.
  • The USD proved unable to hold onto its early gains again over the day following tame April CPI figures.
  • High U.K. average earnings data today were another nail in the coffin for hopes of a June rate cut by the Bank of England.
  • The EUR/USD continues to pivot the EUR/USD 1.55 line. Decisively below 1.55 suggests a 1.50-1.55 broad trading range..
  • Key data Thursday include Japanese machinery orders, E-Z flash GDP and HICP. The U.S. will see a number of key releases including: the Empire PMI, weekly jobless claims, Industrial Production, the Philly Fed Survey and NAHB index.
What the Market Prices are Indicating:
    Forex and Commodities:
  • The USD is still higher vs. the EUR. The GBP is now steady from late Tuesday. The EUR/GBP cross is about steady.
  • The carry-trade driven currencies (AUD, CAD and NZD) are trading mostly weaker vs. the USD, except the CAD, which has gained. Gold and oil are mixed.
  • The carry trade financing currencies, JPY and CHF, are weaker vs. the USD. EUR/JPY is up strongly. The EUR/CHF is firmer. The CHF is steady vs. the JPY
    Equities and Bonds:
  • The Shanghai Composite closed higher, while the Hang Seng fell. The Japanese Nikkei closed better. !0-yr JGBs closed at 1.71%, +13bps.
  • Key European bourses closed higher. Eurozone benchmark bond prices were weaker.
  • U.S. equities are ending substantially higher. U.S. bond prices are lower.

20:05

 USD

pips

10yr

bp

2yr

bp

Stox

 

pts

USD

73.57

n/a

3.913

0.4

2.52

4.6

 

 

 

EUR

1.5461

(13)

4.172

7.8

3.908

8.5

DAX

7083

23

GBP

1.9448

(2)

4.823

11.2

4.689

16.9

FTSE

6216

4

 

 

 

 

 

 

 

 

 

 

CHF

1.055

21

3.088

4.1

2.529

4.2

SMI

7595

16

JPY

105.07

30

1.710

13.0

0.88

9.5

NIK

14119

165

 

 

 

 

 

 

 

 

 

 

CAD

1.0037

11

3.591

(0.9)

2.824

2.1

TSE

14621

(3)

AUD

0.9341

(69)

6.278

(1.5)

6.457

8.2

ASX

5873

60

NZD

0.7603

(43)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CNY

7.0022

138

SSEC

3657

97

 

DJIA

12898

66

Gold

863.4

(1.65)

HSI

25533

(19)

 

S&P

1409

6

WTI

124.12

(1.66)

 

 

 

 

NAS

2497

2

 

Forex Trading News

Forex Research

Daily Forex Market News
Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

Forex News
Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



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John M. Bland, MBA
co-founding Partner, Global-View.com

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