Monday June 2, 2008 - 20:39:05 GMT
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FX Blog- Market Snapshot Far East Open for 2 June 2008
GVI Market Snapshot- Far East Open for June 3, 2008
Profile of Key Markets:
- A press report early Monday that the U.S. might be considering a strike against terrorist bases in Iran gave oil a lift, although the Pentagon denied the report. The EUR/USD traded closely with oil during most of the U.S. session. The EUR/USD 1.5500 line remains a pivotal level for the tone of the USD.
- Oil prices will continue to be a major focus with the hurricane season now at hand. Slowing global growth is seen as a weight on prices, but supply issues are providing support.
- Divergence between the GBP and EUR was a key focus early on Monday, but did not drive the markets. The U.K. May manufacturing PMI data were weaker than expected. Also resurfacing were worries about the stability of the British mortgage lending sector have resurfaced. In Europe, the EZ manufacturing PMI was revised up slightly from its flash release but remained weak.
- The GBP lost ground vs. the EUR and USD. The EUR was stable vs. the USD.
- Swiss data were weaker than expected. Nevertheless, the CHF is ending better vs. the USD. It has gained vs. the EUR as well. The CHF/JPY cross has eased, but is still holding above the key 100 psychological line. The JPY has gained vs. the EUR.<.l/i>
- Weaker than expected Australian retail sales data struck a blow at expectations for additional RBA monetary policy tightening and the Aussie weakened as a result.
- Asian equities closed higher and European bourses are weaker. European and U.S. bond prices improved. U.S. equities are closing lower.
- See GVI Calendar for data schedule.
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