Monday June 16, 2008 - 09:45:31 GMT
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FX Blog- Market Snapshot Europe Mid-Session 16 June 2008
GVI Market Snapshot- Europe Mid-Session for June 16, 2008
Profile of Key Markets:
- The USD is lower vs. the EUR from late Friday on what appears to be a minor short squeeze after the G8 had little to say on fore over the weekend. For now, we still view that the EUR/USD 1.5500 level is neutrality and a magnet for the markets absent decisive new developments.
- The no outcome of the Irish vote on the EU Lisbon Treaty has not had a lasting impact on prices.
- This week the markets are waiting for the earnings outcome from a number of major U.S. investment banks.
- The GBP is higher vs. the USD, while EUR/GBP is a bit weaker.
- The USD/JPY is about steady. There is some talk of a return to JPY carry trades. The CHF/JPY is higher. The CHF is higher vs. the USD and a bit lower against the EUR.
- The commodity currencies are modestly higher from Friday.
- Oil about steady following ongoing talk of modest increases in Saudi production. Gold is slightly firmer.
- Asian equities closed mostly higher. European bourses are generally up. U.S. equities are seen opening higher later.
- JGB prices closed weaker, while the prices on E-Z bonds are better. U.S. bond prices are higher. The E-Z minus U.S. 2-yr note spread was last -162bps, -4.
- See the GVI Calendar for the full schedule of key data. U.S. PPI, the Empire PMI and the most recent TIC data are the remaining data highlights.
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