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Asia Session
Fri, Aug 15 2008, 05:07 GMT
by Forex.com Research Desk
Funny how one of the big stories this session was Gold and it had nothing to do with US swimmer Michael Phelps.....Gold (XAU/USD), this session saw a substantial drop of a little over $18.00 per oz. and hit a low not seen since December to crack the psychological $800.00 per oz. level and consequently sent the Yen Crosses as well as the ''commodity currencies'' tumbling. With some heavy selling in metals across the board, especially in silver, and a US bank cutting its near term outlook for Gold, Spot Gold fell from $806.90 to $790.80 per oz. in the early half of the session. EUR/JPY and GBP/JPY both took a dive to follow the move in metals, with EUR/JPY falling from 162.55 to 161.93 and GBP/JPY falling from 205.18 to 204.34 in tandem with a XAU/USD chart. The Australian Dollar, which is considered a ''commodity currency'', fell once again, this time from 0.8719 to lows of 0.8623, to help fuel the Aussie's 2% decline over the course of this week. AUD/NZD was beaten down a full big figure as well, from a 1.2500 high to the dismal level of 1.2345. The move pushed along by better than expected New Zealand retail sales, a 0.9% as opposed to the 0% expected.
The Euro hit a six month low versus the US Dollar as investors reacted to the shrinking of the European GDP and the threat of recession, as well as the continued contraction of the global economy. 148.25 was the early high, and the pair was at its lows of 147.52 by mid-way through the session and it has rebounded about 20 pips going into London.
USD/JPY made a nice move north as it quickly erased its early 109.62 lows to climb to highs near 110.20 on Japanese bank buying in a thinned Obon holiday market. The pair looked to be steady at the 110.15 level as the holiday riddled London session prepared for the trade day. The US Dollar Index has made gains on eleven straight days.....
There are no economic data releases later in London, enjoy the weekend......
Published on Fri, Aug 15 2008, 05:13 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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