Monday July 7, 2008 - 19:54:23 GMT
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FX Blog- GVI Market Snapshot- Far East Open for July 8, 2008
GVI Market Snapshot- Far East Open for July 8, 2008
Profile of Key Markets:
- The EUR/USD is closing steady vs. levels from late last week. There is still some nervousness about the G8 summit in Japan, which is now underway. The focus of the Tuesday session will be on economic issues. There is speculation that the leaders could come to an agreement to support the USD as a means to lower global oil prices. At a minimum the group should agree that a stable USD is in the interest of all involved. Comments by SF Fed President Yellen were hawkish but did not give the USD a lift because of their negative impact on stocks.
- The GBP is weaker vs. the USD, as concerns about the U.K. economy mount following more poor data today. The EUR/GBP cross has improved.
- The USD/JPY is higher. The CHF is steady vs. the USD in line with the EUR. CHF/JPY has gained. The EUR/CHF is higher.
- The commodity currencies are closing mixed with the Aussie and kiwi down and the Cad higher.. Oil is off and gold is weaker.
- Asian equities closed mostly higher. European bourses were mixed. U.S. equities are ending narrowly mixed.
- JGB prices closed weaker. Prices on E-Z bonds are better. U.S. bond prices are firm. The E-Z minus U.S. 2-yr note spread was last -190bps, -3bp.
- See the GVI Calendar for the full schedule of key data.
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