Tuesday June 17, 2008 - 09:55:41 GMT
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FX Blog- Market Snapshot Europe Mid-Session 17 June 2008
GVI Market Snapshot- Europe Mid-Session for June 17, 2008
Profile of Key Markets:
- The USD is opening in NY modestly lower vs. the EUR from late Monday. Weaker than expected ZEW sentiment data out of Germany have been a weight on the EUR. The U.S. will see a slew of data today. The EUR/USD 1.5500 level is still neutrality and a magnet for the markets.
- Look for the reaction of the markets to data as a clue to the current supply/demand balance for the USD. The GBP is lower vs. the USD, while EUR/GBP is firmer. The latest U.K. inflation data were higher than expected and required a BOE letter to the government about why the central bank missed its target.
- The USD/JPY is about steady. The CHF/JPY is higher. The CHF is higher vs. the USD and the EUR ahead of the SNB quarterly policy decision on Thursday.
- The commodity currencies are modestly higher. Oil remains firm on supply concerns. Gold is firmer.
- Asian equities closed mixed. European bourses are better. The early call for the open of U.S. equities is for higher.
- JGB prices closed higher, 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 -169bps, -3.
- 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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