Wednesday November 7, 2007 - 12:22:28 GMT
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FX Blog: Market Snapshot Europe Mid-Session
GVI Market Snapshot-- European Mid-Session
- The USD is on the back foot again today and there are growing worries about the pace of its decline. Many feel that verbal forex intervention is not far away.
- This has been a poor session for the USD after a Chinese advisor suggested that reserves should be diversified. Its not the credibility of the suggestion but its psychological impact that hit.
- RBA got the ball rolling with a +25bps hike in rates to 6.75% and hints that more hikes are in the works..
- Ongoing write-down rumors a worry for traders.
- Commodity currencies, gold and oil are bid. $100 crude possible after energy inventories today.
- Equities are seen sharply lower.
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