Thursday May 15, 2008 - 09:48:14 GMT
Share This Story
Global-View - www.global-view.com
FX Blog- Market Snapshot Europe Mid-Session 15 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 15, 2008
- Short-term market sentiment for the USD remains in flux. Strong flash 1Q08 GDP GDP figures for Germany and the E-Z released today have provided a bid to the EUR/USD, but some point out that subsequent data have seen the economy slowing substantially. Final April HICP figures only confirmed the flash report.
- Comments by S.F. President Yellen late Wednesday tended to confirm the view that official U.S. interest rates have seen their lows.
- The EUR/USD continues to pivot the EUR/USD 1.55 line. Its position relative to that level has been setting the tone of the markets.
- Key data remaining data included: 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 slower vs. the EUR. The GBP is up modestly from late Wednesday. The EUR/GBP cross is firmer.
- The carry-trade driven currencies (AUD, CAD and NZD) are trading broadly mixed vs. the USD. Gold and oil are higher.
- The carry trade financing currencies, JPY and CHF, are steady 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 lower, while the Hang Seng eased. The Japanese Nikkei closed better. 10-yr JGBs closed at 1.68%, -4bps.
- Key European bourses are trading mixed to lower.. Eurozone benchmark bond prices are weaker.
- U.S. equities are seen opening higher later. U.S. bond prices are lower.
Forex Trading News
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
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."