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Market Session Recaps

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New York Session

Wed, Aug 13 2008, 21:28 GMT
by Forex.com Research Desk

FOREX.com


The pop in oil prices coupled with a US stock market rout took the buck lower against most of the majors in the NY session.  Oil jumped more than $3 in the span as the weekly inventory report showed a modest draw while the market was expecting a small increase.  Crude closed near $116.30/bbl after trading as high as $117.46/bbl. Meanwhile, stocks took a beating for the second day in a row.  The broad -0.3% decline was led by a -2.9% plunge in financial stocks.  Energy stocks rose 3.4% and offset some of the decline in other sectors.

EURUSD was higher overall in NY trading, closing near the 1.4912 mark after opening around 1.4865.  The pair traded as low as 1.4842 following pretty resilient US economic data, but moved higher in the latter half of the session as the increase in oil prices weighed on the buck.  USDCAD lost ground as higher oil propped up CAD and the pair was sitting near 1.0625 after opening near 1.0700.

USDJPY differed from the rest and was actually bid in the session.  The 2.4% increase in the commodity index -- which was driven by grains, metals, and energy -- looks to have fueled some inflation worries and led to some selling of US Treasuries.  The commensurate higher yields (+4 bps) look to have led to some buying in JPY crosses.  USDJPY rallied from an open near 108.95 to a close around the 109.55 mark.
 

Upcoming Economic Data Releases (Asia Session):

  • 8/13/2008 23:50 GMT JN Tertiary Industry Index (MoM) JUN            -0.2%       -0.3%
  • 8/14/2008 0:00 GMT NZ Business NZ PMI JUL                                45.7          - -
  • 8/14/2008 1:00 GMT AU Consumer Inflation Expectation AUG           5.9%        - -
  • 8/14/2008 1:30 GMT AU Average Weekly Wages (QoQ) MAY           1.1%        - -
  • 8/14/2008 1:30 GMT AU Average Weekly Wages (YoY) MAY            4.8%        - -
  • 8/14/2008 2:00 GMT AU Australian Cabinet Meets South Australia
  • 8/14/2008 3:00 GMT NZ Non Resident Bond Holdings JUL                77.5%        - -
  • 8/14/2008 4:00 GMT JN Tokyo Condominium Sales (YoY) JUL         -30.0%        - -
  • 8/14/2008 5:45 GMT SZ SECO Consumer Climate JUL                        2            -4

Published on  Wed, Aug 13 2008, 21:29 GMT


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