Wednesday June 11, 2008 - 20:31:44 GMT
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FX Blog- Market Snapshot Far East Open for 12 June 2008
GVI Market Snapshot- Far East Open for June 12, 2008
Profile of Key Markets:
- The USD is now sharply 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 with stabilizing the USD around the 1.5500 line.
- More verbal intervention from Secretary Paulson, Fed Chairman Bernanke and ECB President Trichet should be expected. We donâ€™t feel that open market intervention is on the cards at the present time.
- The GBP is steady vs. the USD, and EUR/GBP is better after weak U.K. data today.
- The USD/JPY is lower in line with falling stock prices. This pair has been sending a signal this week that the USD was not in for a sustained bout of weakness. The EUR is steady vs. the JPY. The CHF/JPY is better, and the CHF is up against the EUR.
- Oil is higher on another sharp drawdown of weekly crude inventories. Gold is higher. The commodity currencies are mixed.
- 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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