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- New York 17:15
- London 22:15
- Barcelona 23:15
- Tokyo 07:15
- Sydney 09:15
Market Session Recaps
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New York Session
Mon, Aug 25 2008, 22:25 GMT
by Forex.com Research Desk
The NY session saw the greenback on a rollercoaster ride as the buck fought a slumping US stock market and ended the session mixed against the majors. In broad terms, stocks plunged -2% in the session as financials plunged more than -3% on worries that the potential buyout of a major investment house announced last week may not materialize.
Meanwhile, US economic data showed more signs of a bottom in housing. Existing home sales jumped 3.1% in July as prices fell to an annual rate -7.1% from -6.1% the prior month. This latest report is indicative of a market finding equilibrium in terms of discovering the price level needed to spur demand and suggests the worst for the US housing market is likely behind us.
EUR/USD opened near 1.4770 and tried above 1.4800 on multiple occasions throughout the session. Failure to break decisively above that mark, however, saw the pair retreat towards a close around the 1.4750 area. The market still feels like it wants to sell EUR/USD rallies into that 1.4800 area.
USD/CAD rose as oil prices pulled back some more towards $115.30/bbl. The pair rallied from an open near 1.0450 to a close around the 1.0515 level. We would look for overnight resistance near the 100hr SMA which comes in at 1.0520 and further at the 200hr near the 1.0570 mark.
Look for some price action in Kiwi overnight with the release of New Zealand trade data. NZD/USD has been stuck in a tight 0.7030/90 range over the past few sessions and we would expect a much worse than expected trade balance result -- consensus is -538M -- to see Kiwi losses towards 0.6965 trendline support initially.
Upcoming Economic Data Releases (Asia Session):
- 8/25/2008 22:45 GMT NZ Trade Balance JUL -223.0M -538.0M
- 8/25/2008 22:45 GMT NZ Imports JUL 3.81B 4.00B
- 8/25/2008 22:45 GMT NZ Exports JUL 3.59B 3.45B
- 8/25/2008 23:50 GMT JN Corp Service Price (YoY) JUL 1.20% 1.40%
- 8/26/2008 3:00 GMT NZ RBNZ 2yr Inflation Expectation 3Q
Published on Mon, Aug 25 2008, 22:26 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
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