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Market Session Recaps
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Asia Session
Fri, Sep 5 2008, 07:47 GMT
by Forex.com Research Desk
The week in Asia ended with a great deal of action, as the Dollar exploded to new heights as soon as the session began; but the victor of the session was the Yen, which looked invincible against every other currency. The Yen gained momentum as US equity markets got crushed and risk aversion was the play of the day, as traders were unwilling to stand fast in the wake of slowing global growth. EUR/JPY collapsed to a one year low from 153.43 to 150.53 in what was a complete massacre of the pair that played out over about an hour. The 3.6% one day collapse was the biggest one day move in almost 10 years. Players were quick to buy the pair at its lows, and the momentum pushed the pair back up to levels near 152.40. USD/JPY followed the same pattern and fell off a cliff at 107.33, and landed at 105.71 as traders continued to bail out of positions that favored the Euro, Aussie, and commodities in general.
The Euro suffered at the hands of comments from the ECB's talking heads, and dropped from 1.4323 to 1.4210 at the open as uncertainty hung in the air well after the microphones were turned off. The move was accentuated by poor liquidity and a load of stops going off. AUD/USD fell to a one year low at 0.8100, and NZD/USD caved in as well, tapping a 0.6600 low. GBP/USD continued its monumental melt down to hit a low of 1.7535, a level last seen in April 2006. The big moves were plentiful this session and that is a hard fact. These moves can very likely continue tomorrow as the US has NFP data at 8:30 EST...... enjoy the weekend.
Upcoming Economic Data Releases (London Session):
- 5-Sep 6:50 GE ECB's Trichet, Stark, Bini Smaghi Speak in Frankfurt 5-Sep
- 5-Sep 10:00 GE Industrial Prod. YoY (nsa wda) JUL 1.70% 0.80%
- 5-Sep 10:00 GE Industrial Production MoM (sa) JUL 0.20% -0.50%
- 5-Sep 10:30 EC ECB's Gonzalez-Paramo Speaks in San Sebastian 5-Sep
Published on Fri, Sep 5 2008, 08:16 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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