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Market Session Recaps
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New York Session
Fri, Aug 22 2008, 00:20 GMT
by Forex.com Research Desk
The greenback was crushed for the better part of the NY session as disappointing economic data and a surge in oil prices delivered a hard blow to the buck. Oil jumped $4.50 in the session to close near the intraday highs around $121.75/bbl. The apparent deterioration in US-Russia relations was noted by traders as the main catalyst for the move higher.
US economic data, meanwhile, continued to suggest sluggish growth on the horizon. Initial jobless claims fell in the latest week to 432K from 445K prior but the uncertainty as to whether these elevated numbers are "real" or still skewed by the recent extension to unemployment benefits left the market uneasy. The index of leading economic indicators slipped a much worse than expected -0.7% on the month and although distorted by building permits and claims, it continued to suggest a lethargic US economy.
EUR/USD was bid up about 125 pips to a close near the 1.4900 mark. GBP/USD followed suit by jumping more than 150 pips in the session and was sitting near the 1.8785 level at the close. USD/CAD sank like a stone and shed more than 140 pips as the surge in oil prices fueled a rally in the Canadian dollar. The price action in USD/JPY was choppy and the pair ended roughly 20 pips lower near 108.50, as a US stock market recovery towards the session close provided a small boost to the pair.
Upcoming Economic Data Releases (Asia Session) Prior Estimate
- 8/21/2008 23:50 GMT JN BoJ Monetary Policy Meeting Minutes for July
Published on Fri, Aug 22 2008, 00:21 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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