Monday June 9, 2008 - 11:35:00 GMT
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FX Blog- Market Snapshot Europe Mid-Session 9 June 2008
GVI Market Snapshot- Europe Mid-Session for June 9, 2008
Profile of Key Markets:
- The USD is trading cautiously lower vs. the EUR from late Friday levels. Markets are still digesting the USD tumble from Late last week after the spike in the U.S. unemployment rate and the comments by ECB President Trichet after the central council meeting that hinted the central bank is considering a â€śsmallâ€ť, +25bps, rate hike after its next meeting.
- The EUR/USD is trying to distance itself from the neutral 1.5500 line, but the psychological 1.60 level is not in play yet. The GBP is modestly higher vs. the USD. The EUR/GBP is about steady. There are rumors that the sharp inversion of EZ 10s vs. 2s bond yields last week has caused problems for a large bank.
- Surprisingly, the USD/JPY is higher. There are reports that Japanese importers were large USD buyers. The EUR is up vs. the JPY. The CHF/JPY is steady. The CHF is lower against the EUR.
- Oil has eased off following its Friday spike. Gold has advanced. The commodity currencies are roughly steady.
- Asian equities ended mostly lower. European bourses are weaker. U.S. equities are currently seen opening higher later.
- JGB prices gained today, while the prices on E-Z bonds are widely mixed. The 2 vs 10s has flattened. U.S. bond prices are higher. The spread on the E-Z minus U.S. 2-yr note spread was last -228bps, -4.
- The Data highlight today is U.S. May pending homes sales. See the GVI Calendar for the full schedule of key data.
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