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Market Session Recaps
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Asia Session
Thu, Aug 7 2008, 05:50 GMT
by Forex.com Research Desk
This session saw the US Dollar lose its grip on a 7 month high versus the Yen as traders took profits and squared positions ahead of some big data releases and the likelihood of thin trading due to the Asian Obon holiday next week. The USD/JPY pair peaked at 109.86 just prior to the Asian open, and lost ground all session to finally tap a low of 109.34, before rebounding slightly about 20 pips higher by sessions end. Many traders were looking at the 110.00 level as a key technical test of the currency, as well as a psychological one, but the move failed to materialize. EUR/JPY started the session near its highs of 169.16 and came full circle where it hit a low of 168.65 and then came roaring back to earlier highs near 169.20.
Both Australia and New Zealand released employment data that was better than the given consensus, and both currencies benefitted short-term, with AUD/USD popping from 0.9080 to highs near 0.9129 on the data, a nice boost for the besieged Aussie. NZD/USD did the same, popping up from around 0.7170 to highs near 0.7217. However, both currencies reversed, the Kiwi dropping to levels near 0.7170, and the Aussie Dollar ending the session just near the 0.9100 figure. Aussie and Kiwi crosses were all higher on the data.
EUR/USD was higher this session, getting up to 1.5445, and closing the session right near 1.5430 ahead of the coming ECB rate decision, where rates are expected to remain unchanged. As is par for the course with the ECB statement, a good deal of weight will be put into the statement that follows the decision. Trichet will hold the Euros movement in his hands as he speaks.
The Bank of England will also have a rate decision later in the London session, and rates are expected to be kept steady for the fourth straight month.
Upcoming Economic Data Releases (London Session):
- 8/7/2008 6:00 GE Trade Balance JUN 14.4B 15.5B
- 8/7/2008 6:00 GE Current Account (EURO) JUN 7.5B 12.0B
- 8/7/2008 6:00 GE Imports SA (MoM) JUN 0.70% 1.80%
- 8/7/2008 6:00 GE Exports SA (MoM) JUN -3.20% 1.80%
- 8/7/2008 6:45 FR Trade Balance (Euros) JUN -4.7B -4.6B
- 8/7/2008 JN Cabinet Office August Monthly Economic Report 7-Aug
- 8/7/2008 10:00 GE Industrial Prod. YoY (nsa wda) JUN 0.80% 1.50%
- 8/7/2008 10:00 GE Industrial Production MoM (sa) JUN -2.40% 0.80%
- 8/7/2008 11:00 UK BOE ANNOUNCES RATES 7-Aug 5.00% 5.00%
- 8/7/2008 11:45 EC ECB Announces Interest Rates 7-Aug 4.25% 4.25%
Published on Thu, Aug 7 2008, 05:54 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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