Market Session Recaps
0
0
London Session
Wed, Jul 23 2008, 13:48 GMT
by Forex.com Research Desk
The greenback was higher for the most part in the London session as very weak Eurozone data helped it extend gains. French consumer spending for June was a paltry -0.4% and the annual growth rate was a weaker than expected 1.0%, to boot. Eurozone industrial orders for May was even worse coming in at -3.5% versus an expected -1.3% print. This put pressure on EUR/USD, taking the pair from an open near 1.5790 to 1.5730 at the close.
The JPY crosses were bid in London trading as a good stock market performance across the globe likely fuelled carry trades further. Asian marts were up about 1% while Europe was up roughly 1.5% last we looked. USD/JPY rallied from an open near 107.25 to around 107.80 at the close. We expect the pair to be focused on US earnings reports once again and we have a number of insurance companies reporting after the US stock market close. Stay tuned.
GBP looks to be the only one to have made some gains against the buck in the London session. The latest BOE minutes were released and showed that the vote on rates was 7-1-1 for no move. Timothy Besley proffered an increase of 25 bps while David Blanchflower favored a reduction of 25 bps. The market took the news as hawkish and helped GBP/USD from an open near 1.9930 to a close around the 1.9985 mark.
Upcoming Economic Data Releases (NY Session):
- 7/23 13:00 GMT US Fed's Mishkin Speaks at Bank of Canada Conference
- 7/23 15:15 GMT US Fed's Kohn Speaks on Transparency
- 7/23 18:00 GMT US Fed's Beige Book 23-Jul
- 7/23 21:00 GMT NZ RBNZ Official Cash Rate 24-Jul 8.25% 8.25%
Published on Wed, Jul 23 2008, 13:51 GMT
Archive
- London Session
Published On Fri, Jul 3 2009, 10:13 GMT - Asia Session
Published On Fri, Jul 3 2009, 06:11 GMT - New York Session
Published On Thu, Jul 2 2009, 22:09 GMT - London Session
Published On Thu, Jul 2 2009, 10:55 GMT - Asia Session
Published On Thu, Jul 2 2009, 07:05 GMT
Forex.com
| 44 Wall Street, 7th Floor New York, NY 10005-2401
http://www.forex.com/ | info@forex.com
Legal disclaimer and risk disclosure
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.Interested in forex trading? forex brokerage firms!
GET CASH BACK FOR YOUR TRADES! Learn more about the Pip Rebate Program
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.