Search
Market Session Recaps
0
0
New York Session
Wed, Aug 20 2008, 22:40 GMT
by Forex.com Research Desk
The buck lost ground against the majors in NY trading as traders dealt a big blow to shares of the two major mortgage GSEs and oil prices remained resilient despite a huge inventory build in the latest week. Oil initially dropped towards a low near $112.60/bbl on the news that inventories jumped 9.4 million barrels last week. The commodity eventually reflected on the weaker than expected gasoline inventories -- which plunged by -6.2 million -- and rose towards $115.65/bbl as floor trading came to a close.
EUR/USD was bid towards a close near the 1.4745 mark after sinking as low as 1.4675 towards mid session. GBP/USD also recovered from an open near 1.8565 and was sitting near 1.8615 at the close. USD/CAD shot up towards 1.0640 as oil prices came under pressure, but the recovery saw the pair back down towards a 1.0610 close.
Canadian retail sales which were out earlier in the session showed a strong headline increase, but later details revealed that this was due to a jump in gasoline prices and without this sales would have been negative. This very weak economic data point suggests USD/CAD will continue to find it challenging to break below the 1.0600 level.
Look for some price action in EUR/USD in tonight's London session as we get PMI reports for France, Germany and the Euro-zone. Forecasts are for only minimal deterioration in these indices and the risk is for slight improvement. There is likely to be a rush to cover some EUR shorts on better than expected data and we would expect EUR/USD to test above 1.4800 with relative ease on better data. Such a rebound in EUR/USD might provide an opportunity to get short EUR/USD from higher levels.
Upcoming Economic Data Releases (Asia Session);
- 8/20/2008 22:45 GMT NZ Visitor Arrivals JUL -1.40% - -
- 8/20/2008 23:50 GMT JN Adjusted Merchnds Trade Bal. JUL ¥135.4B ¥351.0B
- 8/21/2008 1:30 GMT AU RBA Foreign Exchange Transactn JUL A$875M - -
- 8/21/2008 1:30 GMT AU New Motor Vehicle Sales YoY JUL 1.40% - -
- 8/21/2008 3:00 GMT NZ Credit Card Spending (YoY) JUL 3.30% - -
Published on Wed, Aug 20 2008, 22:41 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
GAIN Capital Group
| 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!
FXstreet.com will give you a 3 months membership as soon as minimum rebates have been generated (€150 for private trader/ €300 for corporate trader)
[Read Premium full description]
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.
©2008 "FXstreet.com. The Forex Market" All Rights Reserved.