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Market Session Recaps

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Asia Session

Thu, Sep 4 2008, 05:57 GMT
by Forex.com Research Desk

FOREX.com

This session, EUR/USD took a wild ride in a fifty pip range, but ultimately ended the session only a little lower from where it started off. The pair hit an early high of 1.4527, and then fell to a low of 1.4471; the net result was a session exit of around 1.4490, a little lower than the open. A good deal of the trading could be position squaring ahead of both the ECB and BoE interest decisions which are a little later in early NY. The general consensus is that both central banks leave rates unchanged. Most believe the ECB could begin to raise rates early neat year and the BoE could begin its cycle as early as the end of 2008.       
      
GBP/USD was as bouncy as the Euro, and as the Euro, really went nowhere. The market began the session near the high of 1.7765, slid to lows near 1.7714, and hit all the points in between before closing out near, 1.7755. Both the Euro and Pound have had a horrible run versus the dollar over the past month or so as traders see the economy of Europe slowing down as the US economy may have been the first in trouble, but will also be the first out of it. EUR/GBP hit another record high of 0.8188 this session as the drive North for this pair continues with great vigor.       
      
In Australia, the Trade Balance data disappointed, and the AUD/USD pair suffered for it, as it collapsed from 0.8355 to lows of 0.8302....once again, a level not seen in about a year. The pair eventually regained its footing to end up near 0.8320. AUD/JPY followed the same path, falling from 90.57 to levels of 89.25.       
      
The key, and pretty much only things you should be cognizant of in the coming hours is the above mentioned BoE and ECB rate decisions. As usual, its not always the rate decision that moves a pair, but the statements that follow the decision........

Upcoming Economic Data Releases (London Session):

• 4-Sep 6:45 FR  ILO Unemployment Rate  2Q  7.50% - -
• 4-Sep 6:45 FR  ILO Mainland Unemployment Rate  2Q  7.20% 7.20%
• 4-Sep 6:45 FR  Mainland Unemp. Change (000s)  2Q  -77K  -13K
• 4-Sep 10:00 GE  Factory Orders MoM (sa)  JUL  -2.90% 0.30%
• 4-Sep 10:00 GE  Factory Orders YoY (nsa)  JUL  -6.10% -2.20%
• 4-Sep 11:00 UK  BOE ANNOUNCES RATES  4-Sep 5.00% 5.00%
• 4-Sep 11:45 EC  ECB Announces Interest Rates  4-Sep 4.25% 4.25%
  

Published on  Thu, Sep 4 2008, 05:59 GMT