Tuesday November 20, 2007 - 11:12:23 GMT
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FX Blog: Market Snapshot Europe Mid-Session
GVI Market Snapshot-- Europe Mid-Session
- Early rumors, reportedly out of Hong Kong that the Fed would hold an emergency meeting today to decide to cut rates are said to have started the USD lower. It could be that they were focused on the release of the Oct 31 meeting minutes this afternoon.
- Rate cut rumors have no credibility with U.S. observers.
- The JPY has lost ground vs. Europe. USD/JPY demand could be based on expectations for a strong open to U.S. shares.
- The commodity currencies are better.
- This week sees the major U.S. holiday (Thanksgiving Day) on Thursday. U.S. markets will close effectively from mid-Wednesday onwards.
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