Tuesday June 3, 2008 - 09:55:33 GMT
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FX Blog- Market Snapshot Europe Mid-Session 3 June 2008
GVI Market Snapshot- Europe Mid-Session for June 3, 2008
Profile of Key Markets:
- The USD is trading on the back foot early on Tuesday. Some cite lingering worries following the downgrade of a couple of U.S. banks by S&P yesterday and caution ahead of May payroll data on Friday as a cause for softness in the unit.
- The EUR/USD has distanced itself somewhat from the neutral 1.5500 line, but the GBP is steady, resulting in a firmer EUR/GBP cross.
- The USD/CHF is in a leadership position on the USD downside again with the CHF higher vs. the EUR and JPY. Swiss June CPI was on the high side of expectations. The JPY is up vs. the USD and down vs. the EUR.
- Oil continues focus with the hurricane season at hand. Prices are steady at this hour. Gold is firmer. <./li>
- The AUD is firmer following an unchanged RBA monetary policy decision, as expected. The policy statement was neutral, but kept the door open for future rate hikes if needed.
- Asian equities closed lower and European bourses are mixed. European bond prices are weaker while U.S. prices are higher. U.S. equities are seen opening modestly higher.
- U.S. data releases include Factory orders at 14:00 GMT, and a speech by Bernanke at 13:00 GMT on the economy.
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