Market Session Recaps

New York Session

Thu, Jul 17 2008, 21:47 GMT
by Forex.com Research Desk

FOREX.com


Plunging oil prices dictated the pace for the buck for the better part of the NY session.  Crude opened the session near $133.50/bbl and dipped as low as $129.00/bbl in NY trading before settling around the $129.50/bbl mark.  Lower demand, improved inventory numbers, and a lessening of tensions between the US and Iran are seemingly behind the move lower.  Oil is now within the Ichimoku cloud with the top at $129.80/bbl and the bottom at $119.35/bbl, though we would still be hesitant to call a top.

The last hour of the NY session was an eventful one and was driven by US earnings releases.  The results were overall disappointing with a major investment bank missing by a mile and a few large technology companies coming in below expectations as well. This helped shave and in some cases erase gains for the buck.

EUR/USD was sold for the better part of the session after opening near the 1.5850 mark.  The pair found a bottom near 1.5780 and quickly made its way higher after that.  The poor earnings reports helped EUR/USD close higher on the day near the 1.5862 level.  This last minute surge keeps the overall USD index below daily trendline resistance, which is still overall bearish for the buck.

USD/JPY was in lockstep with US stocks, which surged 1.8% overall.  The gains were driven by the financials space which saw a 6.5% increase on top of a record setting day yesterday.  This helped boost USD/JPY to a session high near 107.10 after opening around the 105.50 mark.  The pair gave back gains towards the end of the session on the weak US earnings and closed near the 106.30 level.
 

Upcoming Economic Data Releases (Asia Session):

  • 7/17  23:50 GMT JN BOJ to Publish Minutes of June 12-13 Meeting
  • 7/18  1:30 GMT AU Import price index (QoQ) 2Q                              2.70%       2.20%
  • 7/18  1:30 GMT AU Export price index (QoQ) 2Q                              3.50%     10.00%
  • 7/18  3:30 GMT JN BOJ Governor Shirakawa to Give Speech in Tokyo
  • 7/18  5:30 GMT JN Tokyo Dept. Store Sales (YoY) JUN                    -2.30%         - -
  • 7/18  5:30 GMT JN Nationwide Dept. Sales (YoY) JUN                      -2.70%         - -

Published on  Thu, Jul 17 2008, 21:49 GMT

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