Friday May 30, 2008 - 09:54:19 GMT
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FX Blog- Market Snapshot Europe Mid-Session 30 May 2008
GVI Market Snapshot- Europe Mid-Session for May 30, 2008
Profile of Key Markets:
- Falling oil prices have continued to provide the USD with underlying support on Friday against Europe. Nevertheless, the EUR/USD is about steady. German retail sales fell a shocking -1.7% in April. A gain of +0.3% had been expected. This was just one more below consensus economic release from Europe. EUR/GBP is steady and thus not sending a signal at the moment. The U.K. Gfk consumer sentiment indicator early in the Friday session was very weak as well.
- The flash +3.6% y/y Eurozone HICP was well above the +3.4% level expected and will likely keep the ECB hawkish and on the defensive.
- A slew of economic data overnight from Japan painted a generally negative picture of the economy. The improvement in CPI data was attributed to a temporary fall in gasoline taxes. The JPY is up vs. the USD and EUR.
- Worries about a global economic slowdown and CFTC rumblings are undermining oil prices for the moment. Gold is down as well and the carry trade currencies are mixed.
- Asian equities closed higher and European bourses are up at the moment. Asset reallocation plays have been in vogue this week and have been undermining bond prices, although bond prices have rallied today. The early call for the U.S. open is for higher equity prices.
- See GVI Calendar for U.S. and Canadian data schedule.
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