Wed Mar 19 14:02:00 2008(EST)
* 19 Mar 08: 19:01(LDN) - FX NOW! EUR/USD, USD/JPY Flows - Profit taking?; hopefully, but position squaring for sure
It appears that dealers are starting their pre-Easter house cleaning early. EUR/USD sellers are said to be dealers clearing out long positions in advance of Thur's abbreviated trading session that leads into the four day holiday for Easter. USD/JPY has blipped up and the same rationale is being used to justify the move. M.B.
* 19 Mar 08: 18:52(NYC) - FX NOW! USD/CAD, NYMEX crude oil flows - oil unwinding hurts CAD
Someone just dropped the phrase "commodity bubble bursting" - seems a little premature even if gold, oil and the rest of the commodities are making a hefty move lower today. Oil is down $6 despite weak EIA inventory data with not much of a background story apart from suggestions that a weaker US economy will weigh on demand... which planet did they just come from? We mentioned earlier that oil is a more likely candidate for sending USD/CAD through parity than data, which has printed another string of strong numbers this week. CAD's move lower is likely exaggerated by early position squaring ahead of the long Easter weekend but USD/CAD should find some offers in the 1.01-1.0120 area. VSNYMEX Crude OilUSD/CAD
