Friday June 13, 2008 - 09:41:57 GMT
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FX Blog- Market Snapshot Europe Mid-Session 13 June 2008
GVI Market Snapshot- Europe Mid-Session for June 13, 2008
Profile of Key Markets:
- The USD is higher vs. the EUR from late Thursday. Below 1.5365 could change turn the outlook for the EUR/USD to more negative. For now, we still view that EUR/USD 1.5500 as neutrality.
- Dealers are also awaiting the outcome of the Irish vote on the EU Lisbon Treaty. Results are expected over the day, and the vote is thought to have been a close.
- Dealers have been defensively positioning long the USD ahead of the Friday and Saturday G8 FinMin (not central bankers) meeting in Japan. More USD verbal intervention should be expected. We donâ€™t feel that open market intervention is probable at the present time.
- The GBP is steady vs. the USD, and EUR/GBP is higher suggesting that the focus is on Europe.
- The USD/JPY is higher in line with the better USD tone. The EUR is weaker vs. the JPY. The BOJ kept policy steady as expected, but focused on the inflation threat. The CHF/JPY is lower. The CHF is higher against the EUR.
- Oil is lower despite having after having spiked higher yesterday on another sharp drawdown of weekly crude inventories.
- The commodity currencies are broadly mixed weaker. The kiwi has fallen.
- Asian equities closed mixed. European bourses are lower. U.S. equities are seen opening lower.
- JGB prices closed weaker, while the prices on E-Z bonds are weaker. The E-Z 2s vs 10s spread flattened. U.S. bond prices are lower. The E-Z minus U.S. 2-yr note spread was last -158bps, -4.
- See the GVI Calendar for the full schedule of key data. U.S. Consumer Prices and the University of Michigan Sentiment survey are the highlights today.
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