Wednesday June 11, 2008 - 09:55:58 GMT
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FX Blog- Market Snapshot Europe Mid-Session 11 June 2008
GVI Market Snapshot- Europe Mid-Session for June 11, 2008
Profile of Key Markets:
- The USD is now lower vs. the EUR from late Tuesday levels. Dealers increasingly are becoming more comfortable with the notion of a 1.54-1.58 trading range for the pair. The view now is that officials are not unhappy wit stabilizing the USD around the 1.5500 line. More verbal intervention from Secretary Paulson, Fed Chairman Bernanke and ECB President Trichet should be expected.
- The GBP is steady vs. the USD, and EUR/GBP is better after weak U.K. data today.
- The USD/JPY is steady. This pair has been sending a signal this week that the USD was not in for a sustained bout of weakness. The EUR is higher vs. the JPY. The CHF/JPY is also better, and the CHF is steady against the EUR.
- Oil is fallen as is gold. The commodity currencies are higher.
- Asian equities closed broadly mixed. European bourses are higher. U.S. equities are seen opening higher later.
- JGB prices fell, while the prices on E-Z bonds (especially 2s)are better. The E-Z 2s vs 10s spread has steepened. U.S. bond prices are mixed. The E-Z minus U.S. 2-yr note spread was last -176bps, -7.
- See the GVI Calendar for the full schedule of key data. No major U.S. or Canadian trade data are due, although weekly energy inventories will be a focus.
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