Thursday May 22, 2008 - 20:27:11 GMT
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FX Blog- Market Snapshot Far East Open for 23 Mayl 2008
GVI Market Snapshot- Far East Open for May 23, 2008
How The Key Markets are Performing:
Forex and Commodities:
- The tone of the USD has improved.
- The USD has recovered some recently lost ground vs. the EUR from late Wednesday. On the other hand, the GBP is up strongly. As a result, the EUR/GBP cross is lower.
- The carry trade financing currencies are weaker.
- The JPY and CHF, have followed the EUR weaker vs. the USD. The CHF is better vs. the JPY. As for the EUR against the funding currencies, the EUR/JPY is higher, but the EUR/CHF is higher.
- The carry-trade driven currencies are widely mixed.
- The AUD, CAD and NZD are mixed vs. the USD. AUD/NZD is sharply weaker. Oil pressed higher earlier, but later sold off. Gold is lower.
Equities and Bonds:
- The Shanghai Composite closed lower, while the Hang Seng fell. In Japan, the Japanese Nikkei closed higher. 10-yr JGBs ended at 1.650%, +3.0bps.
- Key European bourses have closed mixed. Eurozone benchmark bond prices are about weaker.
- U.S. equities are ending slightly higher. U.S. bond prices are weaker.
- Weak new industrial orders for the Eurozone were a weight on the EUR today. Also better than expected U.K. retail sales data helped the GBP vs. the USD and against the EUR. The underlying sales data were not as positive as the headline report suggested.
- It appeared that Asian central banks were not back in the markets diversifying USD reserves into EUR. These actions and the latest surge in the oil price had stopped the recent USD rebound in its tracks.
- Friday highlights include: Eurozone flash PMI data and U.K. revised 1Q08 GDP data. The U.S. releases Existing Homes sales for April. U.S. and U.K. markets will close early ahead of Monday holidays.
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