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Market Session Recaps

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New York Session

Tue, Aug 5 2008, 22:40 GMT
by Forex.com Research Desk

FOREX.com

The US dollar caught a nice bid in the NY session on the back of continuing declines in oil prices, a robust stock market rally and better economic data.  Oil fell roughly -$1 on the heels of an already steep decline in the London session, as data showed US gasoline demand falling for the 15th consecutive week.  The commodity was sitting near $118.50/bbl at the close.

US stocks meanwhile rocketed about 3% in the session on the back of a more than 5% rally in financials stocks.  The rally was helped by an FOMC statement that was perceived as less hawkish than expected, given that only one member dissented in favor of higher rates.

In US data, the ISM services index came in at a better than expected 49.5 in July after a paltry 48.2 print the prior month.  The guts of the report showed improvement, with employment higher and prices paid lower.  The only fly in the ointment was the modestly weaker new orders number.

These factors helped the buck extend gains against some of the majors.  EURUSD closed near 1.5455 after opening the session around the 1.5495 mark.  USDJPY was buoyed by the strength in stocks, rising from an open near 107.85 and closing around the 108.25 level.  GBPUSD and USDCAD traded sideways for the better part of the session and ended pretty well where they opened near 1.9550 and 1.0425, respectively.
 

Upcoming Economic Data Releases (Asia Session):

• 8/5/2008 23:01 GMT UK NIESR GDP Estimate JUL                         0.20%         - -
• 8/5/2008 23:01 GMT UK Nationwide Consumer Confidence JUL          61             57
• 8/5/2008 23:30 GMT AU AiG Perf of Construction Index JUL              40.3           - -
• 8/6/2008 1:30 GMT AU Home Loans JUN                                        -7.90%     -2.00%
• 8/6/2008 1:30 GMT AU Investment Lending JUN                               -6.80%        - -
• 8/6/2008 1:30 GMT AU Value of Loans MoM JUN                                 - -            - -
• 8/6/2008 5:00 GMT JN Leading Index CI JUN P                                92.90%     91.10%
• 8/6/2008 5:00 GMT JN Coincident Index CI JUN P                           103.30%   101.70%

Published on  Tue, Aug 5 2008, 22:42 GMT