Monday June 2, 2008 - 10:00:06 GMT
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FX Blog- Market Snapshot Europe Mid-Session 2 June 2008
GVI Market Snapshot- Europe Mid-Session for June 2, 2008
Profile of Key Markets:
- Divergence between the GBP and EUR has been a key focus to start the new week. The U.K. May manufacturing PMI were weaker than expected. Worries about the stability of the British mortgage lending sector have resurfaced. The EZ manufacturing PMI was revised up slightly from its flash release but remained weak. The GBP has lost ground vs. the EUR and USD. The EUR is stable vs. the USD and might be deriving offset support from GBP selling. The EUR/USD 1.5500 line remains a pivotal level for the tone of the USD.
- Swiss data have been weaker than expected. Nevertheless, the CHF is steady vs. the USD and better vs. the EUR. The CHF/JPY cross has eased, but is holding just above the key 100 psychological line. The JPY has gained vs. the EUR.<.l/i>
- Oil prices have continued to be a major focus with the hurricaine season now at hand. Slowing global growth is seen as a weight on prices, but supply issues are providing support.
- Weaker than expected Australian retail sales data have struck a blow at expectations for additional RBA monetary policy tightening and the Aussie has weakened as a result.
- Asian equities closed higher and European bourses are weaker. Eurpean and U.S. bond prices have improved. The early call for the U.S. open of equities is for lower.
- See GVI Calendar for the U.S. data schedule. The highlight is the ISM manufacturing PMI at 14:00 GMT.
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