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New York Session
Mon, Aug 11 2008, 21:54 GMT
by Forex.com Research Desk
The lack of US economic data or Fed speak in the NY session had the FX market focused on the goings on in the commodity and equity complex. Oil fell another $1 in NY trading to close near the $114.85 mark, and traded as low as $112.72 to boot. Gold was the real loser, plunging a whopping $37 dollars to close around $823.25/oz. The previously highlighted $850/oz level proved valid as a trigger for further downside as the metal's losses came nearly in one fell swoop upon taking out that support area. Stocks, meanwhile, had a rollercoaster of a day. They opened in the red and then soared as high as +1.3% mid-session, closing up a more modest +0.7% in the end.
This was all fodder for dollar strength. EURUSD opened the session near 1.5015 and saw a grind lower the entire session to an eventual close around the 1.4900 mark. USDJPY gained on the back of the positive US stock performance, opening the session near 109.80 and closing just above the 110.15 level. The declines in oil initially helped boost USDCAD to an intraday high near 1.0715 after opening near 1.0670, but it would pare gains towards the 1.0690 area as the session came to a close. AUDUSD collapsed some more as the commodity complex came under pressure, with the pair opening near 0.8900 and sitting around 0.8825 at the NY close.
The market now turns its focus to economic data from Japan and Australia in the Asia session. Australian business confidence is due up at 0130GMT and although no consensus estimate is available, deterioration from the June print of -9 is likely to weigh on AUD. Japan sees industrial production data and again the market has no estimate. Last month's paltry -2.0% result, however, if repeated is likely to bring out some JPY sellers. Stay tuned!
Upcoming Economic Data Releases (Asia Session):
- 8/11/2008 23:01 GMT UK BRC July Retail Sales Monitor AUG 18
- 8/11/2008 23:01 GMT UK RICS House Price Balance JUL -88.0% -90.0%
- 8/11/2008 23:50 GMT JN Domestic CGPI (MoM) JUL 0.8% 0.8%
- 8/11/2008 23:50 GMT JN Domestic CGPI (YoY) JUL 5.6% 5.7%
- 8/12/2008 1:30 GMT AU NAB Business Confidence JUL -9 - -
- 8/12/2008 1:30 GMT AU NAB Business Conditions JUL 0 - -
- 8/12/2008 1:30 GMT AU CBA HIA House Affordability 2Q 103.1 - -
- 8/12/2008 4:30 GMT JN Industrial Production (MoM) JUN F -2.0% - -
- 8/12/2008 4:30 GMT JN Industrial Production (YoY) JUN F 0.2% - -
- 8/12/2008 4:30 GMT JN Capacity Utilization (MoM) JUN F 2.2% - -
- 8/12/2008 5:00 GMT JN Consumer Confidence JUL 32.9 - -
- 8/12/2008 5:00 GMT JN Consumer Confidence Households JUL 32.6 32.0
Published on Mon, Aug 11 2008, 21:55 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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