Market Session Recaps

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New York Session

Tue, Jul 22 2008, 23:08 GMT
by Forex.com Research Desk

FOREX.com


The buck was bid in a big way in NY trading, rising more than 100 pips on average against the majors.  Driving the increase was another plunge in oil prices and a strong rally in US financial stocks.  Oil fell more than $3 to $127.95/bbl in the session as speculation that Tropical Storm Dolly will miss major oil facilities in the Gulf of Mexico intensified.

Stocks for their part, rose more than 1%  in broad terms on a more than 6% rally in financials stocks as a note by a top bank analyst said that bank losses haven't spread as ''much as feared.''  Financials are up 28% since hitting the low last week, to boot.

EUR/USD slipped from an open near 1.5920 to close down more than 130 pips around the 1.5785 mark.  Adding to the already strong headwind from lower oil prices on the pair, Philadelphia Fed President Plosser was on the tapes with some major hawkish comments.  Plosser did not mince words in calling for rate hikes ''sooner rather than later.''

USD/JPY was bid in the session as the carry trade was back in vogue on the smart gains in US stocks and the increase in yields.  The 2-year surged 14 bps in the session to close near 2.72%, the highest since late June.  USD/JPY opened near 106.24 and closed near the 107.32 level.  This was the first close above the 200-day moving average for the pair all year and suggests more upside is in the offing.
 

Upcoming Economic Data Releases (Asia Session):

  • 7/23  1:00 GMT  AU DEWR Skilled Vacancies MoM JUL                -0.10%          - -
  • 7/23  1:30 GMT  AU Consumer Prices (QoQ) 2Q                             1.30%       1.30%
  • 7/23  1:30 GMT  AU Consumer Prices (YoY) 2Q                              4.20%       4.30%
  • 7/23  1:30 GMT  AU RBA Trimmed Mean (QoQ) 2Q                         1.20%       1.10%
  • 7/23  1:30 GMT  AU RBA Trimmed Mean (YoY) 2Q                          4.10%       4.20%
  • 7/23  1:30 GMT  AU RBA Weighted Median (QoQ) 2Q                      1.30%       1.10%
  • 7/23  1:30 GMT  AU RBA Weighted Median (YoY) 2Q                      4.40%        4.40%

Published on  Tue, Jul 22 2008, 23:09 GMT

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