Market Session Recaps

London Session

Thu, Jul 17 2008, 12:30 GMT
by Forex.com Research Desk

FOREX.com


The USD was broadly unchanged against the majors in the London session as the lack of any noteworthy economic events likely has the market squarely focused on US earnings and housing data out in the NY morning.  Bank earnings out today will be critical for confidence as the market continues to grapple with the potential for worsening credit market turmoil.

EUR/USD opened London trading near 1.5855 and closed just a touch lower near the 1.5850 area.  Housing starts and jobless claims data out of the US this morning should provide some price action for the pair.  If starts stabilize and claims show no signs of intensifying, this would be rather USD positive.  We would expect this sort of scenario coupled with decent earnings reports would take EUR/USD below the 1.5800 area.

The buck did manage to gain smartly against the yen, as a good performance in overseas stock markets likely helped buoy carry trades.  Markets in Asia rose about 2.5% while the European composite was 2.7% higher last we looked.  This helped take USD/JPY from an open near 104.95 to a close around 105.50 in the London session.  We would expect gains to accelerate further in the NY session on a strong performance in US equity markets.  For now, futures are pointing to a strong open.
 

Upcoming Economic Data Releases (NY Session):

  • 7/17  12:30  CA Int'l Securities Transactions MAY                       C$9.751         --
  • 7/17  12:30  US Housing Starts JUN                                             975K        960K
  • 7/17  12:30  US Initial Jobless Claims 12-Jul                                  346K        380K
  • 7/17  12:30  US Building Permits JUN                                           969K        968K
  • 7/17  12:30  US Continuing Claims 5-Jul                                       3202K           --
  • 7/17  14:00  US Philadelphia Fed. JUL                                           -17.1          -15
  • 7/17  14:30  CA Bank of Canada Monetary Policy Report

Published on  Thu, Jul 17 2008, 12:37 GMT

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