Market Session Recaps

Asia Session

Tue, Jul 22 2008, 05:09 GMT
by Forex.com Research Desk

FOREX.com


The USD closed the NY session on a notably weak note especially after weaker earnings reports from several firms and an especially weak report suggesting that consumers continue to be affected by the credit crunch.  S&P 500 futures were down about 12 points in electronic trading.

Interestingly, JPY and CHF crosses have not sold off with the increase in risk aversion.  EUR/JPY is just under 170 after an unsuccessful test in London/NY.  The narrow pull back suggests another test may be in the cards but watch out for some sloppy trading through that level as it remains a battleground between buyers and sellers.  Similarly, EUR/USD and AUD/USD are nearing recent highs after a brief hiatus.

Looking forward, we have a full week of data on the US housing market including existing/new home sales as well as Australia consumer inflation data tomorrow.  The housing data could be an important short term driver in US equities.  For now it seems that US equity markets and the USD will continue to be positively correlated.  We would also continue to watch the commodity markets which typically have a negative relationship with the USD.
 

Upcoming Economic Data Releases (London Session):

  • Switzerland:  (6:15GMT) Trade Balance

Published on  Tue, Jul 22 2008, 05:10 GMT

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