Friday November 9, 2007 - 12:17:59 GMT
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FX Blog: Market Snapshot Europe Mid-Session
GVI Market Snapshot-- Europe Mid-Session
- Trigger for USD slide appears to be rumors of a significant CNY adjustment ahead of the upcoming (Nov 28) EU/China economic summit.
- A stronger CNY would give the JPY a lift, so USD/JPY has tumbled.
- This is a half-day session in North America ahead of Monday holidays.
- ECB President Trichet verbal forex intevention Thursday has not restrained the EUR. He used of the code word "brutal".
- Commodity currencies mixed to weaker.
- U.S. equities are seen opening weaker. Bonds are better at this hour.
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