Wednesday May 28, 2008 - 20:16:18 GMT
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FX Blog- Market Snapshot Far East Open for 29 May 2008
GVI Market Snapshot- Far East Open for May 29, 2008
Profile of Key Markets:
- Daily change in U.S. vs. investment currencies:
EUR/USD- weaker; GBP/USD- firmer.
USD vs. carry trade financing currencies:
USD/JPY- higher; USD/CHF- higher; CHF/JPY- steady Carry-trades:
USD/CAD- lower; AUD/USD- higher; NZD/USD- weaker
Crude Oil (WTI)- higher; Gold- weaker.
- EUR crosses:
EUR/JPY- firmer; EUR/CHF- better; EUR/GBP- lower
- Equities and Bonds:
Shanghai Composite- closed higher; Hang Seng- closed lower: Nikkei- lower
DAX- ends higher; FTSE- higher; SMI- higher
U.S. equities are closing higher.
- 2-yr Bond Highlights:
E-Z 4.23%. +1bp; U.S. 2.63% +11bp. JGB 0.88%, +3
- The tone of the USD is neutral at this hour, falling crude oil prices earlier lifted it from its lows at the start of the session. The correlation between crude and the USD was tighter on crude weakness than it was on strength over the day. Thus the EUR/USD fell when crude fell, but did not recover as strongly on crude rallies. The EUR/GBP cross was a weight on EUR/USD as well. The USD/JPY link to S&P futures worked well early put then broke down completely later. The question now is whether sovereign players will be back in at the end of the week looking to buy EUR/USD on weakness.
- Net movements in the critical 2-yr bond yields suggest support for the USD.
- Key releases Thursday include Japanese Retail Sales, Eurozone Money supply, U.S. GDP revisions, weekly jobless and energy inventories. Also Canadian Current Account, GDP and PPI data (see GVI Calendar for details).
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