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Market Session Recaps
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Asia Session
Tue, Aug 12 2008, 06:15 GMT
by Forex.com Research Desk
The US Dollar continued its hot streak in Asia as it blasted to new highs against the Euro and reached a level not witnessed in about six months. The EUR/USD continued its dynamic trek at levels near 1.4900 at the Asia open and went to a 1.4928 high before disintegrating to those above mentioned lows of 1.4860. It would seem that the effects of large USD shorts being covered, as well as investors bailing out of the now seemingly out of favor commodities have really come into play in full force as of late. This is not to even mention the pure Euro selling based on the eroding outlook of not only Europe, but pretty much the global economy as a whole. So many technical levels have been laid to ruin in the past few sessions it's hard to count the casualties.
The AUD/USD looked woeful once again hitting a 0.8755 level that was last recorded in January. Poor economic data coupled with recent RBA commentary that stated the economy was slowing enough to quash inflation sooner or later provided more fuel for the argument that more RBA cuts are soon to follow. The collapses of commodities have not bode well for the Aussie or for the Kiwi for that matter, less than a month ago the AUD/USD was prancing near the 0.9850 level, while NZD/USD was proudly trading near 0.7761.....How the once mighty have fallen.
USD/JPY was a choppy participant in the session as many traders point to the Obon holiday as a cause for less than average volume across the board. Some traders even argue that the Olympics in China help pull traders away from markets as well. The pair was in about a 30 pip range all session long. EUR/JPY as well continued its fall from grace, as the once proud pair continued its slide from being within reach of 170.00, to being within reach of 163.00. The pair fell from 164.32 to lows near 163.68.
GBP/USD is poised for a big move as it teeters very close to its 200 week moving average of 1.9025.
Gold was simply demolished as it lost about $50 an ounce in overnight trading, and oil is down almost 20% from its record highs no too long ago....
Upcoming Economic Data Releases (London Session):
- 8/12/2008 6:45 FR Consumer Price Index (MoM) JUL 0.40% -0.20%
- 8/12/2008 6:45 FR Current Account (EURO) JUN -2.5B - -
- 8/12/2008 6:45 FR Consumer Price Index (YoY) JUL 3.60% 3.70%
- 8/12/2008 6:45 FR CPI - EU Harmonised (MoM) JUL 0.40% -0.20%
- 8/12/2008 6:45 FR CPI - EU Harmonised (YoY) JUL 4.00% 4.10%
- 8/12/2008 8:30 UK CPI (MoM) JUL 0.70% -0.20%
- 8/12/2008 8:30 UK CPI (YoY) JUL 3.80% 4.20%
- 8/12/2008 8:30 UK Core CPI YOY JUL 1.60% 1.70%
- 8/12/2008 8:30 UK Retail Price Index JUL 216.8 216.2
- 8/12/2008 8:30 UK RPI (MoM) JUL 0.80% -0.30%
- 8/12/2008 8:30 UK RPI (YoY) JUL 4.60% 4.90%
- 8/12/2008 8:30 UK DCLG UK House Prices (YoY) JUN 3.70% 1.50%
Published on Tue, Aug 12 2008, 06:17 GMT
Archive
- Asia Session
Published On Fri, Nov 21 2008, 07:31 GMT - London Session
Published On Thu, Nov 20 2008, 13:49 GMT - Asia Session
Published On Thu, Nov 20 2008, 07:02 GMT - New York Session
Published On Wed, Nov 19 2008, 22:34 GMT - London Session
Published On Wed, Nov 19 2008, 13:24 GMT
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