07/22/2007 - Sub-prime mortgage concerns raise risk aversion |
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* Sub-prime mortgage concerns raise risk aversion
* JPY carry trade unwinding is major risk ahead
* Expect limited further upside in EUR/USD and GBP/USD
* US advance 2Q GDP report on Friday
The US dollar is closing slightly weaker against European currencies and down more significantly against the JPY, which translates into a lower weekly close for the JPY-cross carry trades. The USD continues to be seen as vulnerable against the backdrop of the losses in the mortgage-backed securities market. Despite those concerns, US stock markets DJIA and S&P) reached new all time highs, but were unable to sustain the gains on the last trading day of the week. The equity sell-off weighed on USD/JPY and JPY-crosses, and provided the only major excitement for the week. Full text »
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