Tuesday October 23, 2007 - 20:21:18 GMT
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FX Blog: Market Snapshot Far East Open
GVI Market Snapshot-- Far East Open
- USD drifted lower Tuesday in N.Y. Additional weakness had been widely expected, but few are trusting the price action.
- The EUR/USD is back above its key 20-day moving average (1.4175).
- U.S. equitites closed higher on the day and this gave USD/JPY a lift.
- Odds are the USD is not out of the woods yet as worry about the U.S. economy remains a major theme.
- Commodity currencies were in demand vs. the JPY (carry trades).
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