Tuesday June 10, 2008 - 09:53:01 GMT
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FX Blog- Market Snapshot Europe Mid-Session 10 June 2008
GVI Market Snapshot- Europe Mid-Session for June 10, 2008
Profile of Key Markets:
- The USD is trading sharply higher vs. the EUR from late Monday levels. Hawkish comments by Fed Chairman Bernanke late Monday provided the USD with additional support after earlier ECB President Trichet pointed out that he never had said that there was a group of ECB members in favor of a series of rate hikes.
- Efforts by the EUR/USD to distance itself from the neutral 1.5500 line late last week appear to have failed. The GBP is lower vs. the USD, and EUR/GBP is about steady.
- The USD/JPY has advanced further. This pair has been sending a signal all along that the USD was not in for a bout of sustained weakness. The EUR is still lower vs. the JPY. The CHF/JPY is weaker. The CHF is now softer against the EUR.
- Oil has eased and gold is lower. The commodity currencies are weaker. The Bank of Canada appears poised to cut rates by -25bps at 13:00 GMT.
- Asian equities closed sharply lower after the Bernanke comments. European bourses are lower. U.S. equities are seen opening lower later.
- JGB prices fell today, while the prices on E-Z bonds are sharply lower. The E-Z 2s vs 10s spread has flattened. U.S. bond prices are lower. The spread on the E-Z minus U.S. 2-yr note spread was last -180bps, +3.
- See the GVI Calendar for the full schedule of key data. U.S. and Canadian trade data are due along with a Bank of Canada policy decision.
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