日本語
Español
中文
- New York 13:40
- London 18:40
- Barcelona 19:40
- Tokyo 03:40
- Sydney 05:40
Market Session Recaps
0
0
London Session
Wed, Aug 20 2008, 14:32 GMT
by Forex.com Research Desk
The buck was bid in London trading, boosted by poor economic news across the pond. Euro-zone construction output slipped -0.6% in the month of June, taking the annual rate to -2.4% from a downwardly revised -1.6% the prior month. Meanwhile, the Confederation of British Industry's monthly survey showed total orders plunged to -13 in August from -8 in July and +1 in June. Export orders also fell to -9 from -7 the prior month.
The Bank of England meeting minutes showed a split decision on rates, with Blanchflower voting for a rate cut while Besley opted for a rate hike -- the majority obviously opted to keep rates on hold. The current deterioration in the UK economy, coupled with the pullback in commodity prices (which should limit the tough talk on inflation) suggest that the next move in rates is likely to be a down.
EUR/USD slipped towards a close near the 1.4710 mark after opening the session around the 1.4770 level. Sterling (GBP/USD) was crushed more than 100 pips on the weak economic news, slipping towards 1.8565 at the session close. USD strength coupled with a slight pullback in oil prices helped boost USD/CAD as well. The pair opened near 1.0615 and rallied towards 1.0640 in London trading.
USD/CAD should see some good price action early in the NY session as we get some top-tier economic data and weekly oil inventory numbers. Canadian retail sales are expected to increase 0.5% for June after a 0.4% result the prior month. Also, leading indicators for Canada are forecast to rise 0.1% in July after a flat print previously. Both numbers are due up at 1230GMT and we would expect better than expected results to see lower USD/CAD, towards the 1.0600 area initially.
The market will also watch weekly oil inventory numbers at 1430GMT. The expectation is for a 1.0 million barrel build. This release should dictate the price action in oil which should knock USD/CAD around a bit.
Upcoming Economic Data Releases (NY Session):
- 8/20/2008 12:30 GMT CA Leading Indicators MoM JUL 0.00% 0.10%
- 8/20/2008 12:30 GMT CA Retail Sales MoM JUN 0.40% 0.50%
- 8/20/2008 12:30 GMT CA Retail Sales Less Autos MoM JUN 0.40% 0.60%
Published on Wed, Aug 20 2008, 14:53 GMT
Archive
- London Session
Published On Fri, Nov 6 2009, 11:03 GMT - Asia Session
Published On Fri, Nov 6 2009, 06:52 GMT - New York Session
Published On Fri, Nov 6 2009, 00:00 GMT - London Session
Published On Thu, Nov 5 2009, 11:08 GMT - Asia Session
Published On Thu, Nov 5 2009, 07:03 GMT
Forex.com
| 44 Wall Street, 7th Floor New York, NY 10005-2401
http://www.forex.com/ | info@forex.com
Legal disclaimer and risk disclosure
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.Interested in forex trading? forex brokerage firms!
GET CASH BACK FOR YOUR TRADES! Learn more about the Pip Rebate Program
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.