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Asia Session
Fri, Aug 1 2008, 07:15 GMT
by Forex.com Research Desk
The Dollar held onto gains against the Euro in the Asia Session ahead of US Non Farm Payrolls, the final data release of the week and the one that will prove pivotal in determining if the Dollar can sustain its recent gains. Although yesterdays US data proved to be mostly dreary, lower oil and continuing signs of slowing economies in Europe and Asia helped keep the Greenback from falling off it's newly found path. EUR/USD, working in a range twice that of yesterday's Asia session, pretty much did one thing this session, it went down...After opening just a hair under 1.5600, the pair slid south to hit a low of 1.5555, but regained a little real estate by the London open, where it was trading close to 1.5570. It would seem that barring a catastrophe, the Euro has had its day in the sun, and now must make way for the US Dollar. Euro-Zone data this week was dismal at best as economic sentiment hit its lowest in almost 5 years. The Euro weakness carried over to EUR/JPY, where after trading near highs of 168.35, the pair just fell out of bed, nearing lows not seen since mid month, near 167.30 in early London trading. USD/JPY looked strong early at 107.90, but reversed and was closer to the .50 level later in the session, the Yen perhaps strengthening on reports that Japan's Prime Minister Fukuda was in the process of replacing some of his cabinet officials in a bid to help his lagging popularity.
Although on paper the UK economy looks to be one of the worst out there, (i.e.: the GFK consumer confidence is at its lowest since inception 30 years ago, Nationwide Housing index down by a record 8.1% , etc....) the Pound was higher for the session, tapping a high near 1.9840.
The Aussie and Kiwi continue to fall, based on a newspaper report that the RBA may begin an easing cycle in the near future. AUD/USD fell all the way to lows near 0.9360.
It all comes down to the US NFP tomorrow at 12:30 GMT.......that should set the path for the Greenback.
Upcoming Economic Data Releases (London Session):
- 1-Aug 7:50 FR PMI Manufacturing JUL F 47.3 47.3
- 1-Aug 7:55 GE PMI Manufacturing JUL F 50.9 50.9
- 1-Aug 8:30 UK PMI Manufacturing JUL 45.8 45.5
Published on Fri, Aug 1 2008, 07:17 GMT
Archive
- New York Session
Published On Tue, Dec 2 2008, 22:13 GMT - London Session
Published On Tue, Dec 2 2008, 13:13 GMT - Asia Session
Published On Tue, Dec 2 2008, 07:41 GMT - New York Session
Published On Mon, Dec 1 2008, 22:28 GMT - London Session
Published On Mon, Dec 1 2008, 13:18 GMT
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