Monday June 16, 2008 - 20:48:02 GMT
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FX Blog- Market Snapshot Far East Open for 17 June 2008
GVI Market Snapshot- Far East Open for June 17, 2008
Profile of Key Markets:
- The USD is ending in NY lower vs. the EUR from late Friday. The session appeared to be characterized by a short EUR/USD squeeze after the G8 had little to say on forex over the weekend. The EUR/USD 1.5500 level is still neutrality and a magnet for the markets.
- This week the markets are digesting earnings reports from a number of major U.S. investment banks.
- The GBP is higher vs. the USD, while EUR/GBP is steady.
- 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 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 firmer.
- Asian equities closed mostly higher. European bourses closed lower. U.S. equities are closing lower.
- JGB prices closed weaker, while the prices on E-Z bonds are mixed. U.S. bond prices are higher. The E-Z minus U.S. 2-yr note spread was last -168bps, -1.
- See the GVI Calendar for the full schedule of key data. U.S. PPI, and housing data are highlights in a busy session.
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