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Market Session Recaps

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New York Session

Tue, Sep 9 2008, 22:04 GMT
by Forex.com Research Desk

FOREX.com


When the dust settled after a tumultuous NY trading session, the buck stood higher against most of the majors.  US economic data was overall USD positive but was mostly ignored.  Pending home sales fell more than expected and suggest the US housing market will continue to tread water.  Meanwhile, consumer confidence indicators were up while wholesale inventories beat market expectations -- suggesting the US economy continues to hang in there.  EUR/USD was choppy for the entire span, but finally closed down roughly -40 pips into the 1.4130 area.  GBP/USD followed suit, dipping about -45 pips towards the 1.7605 mark at the close.

Oil prices plunged more than $3 in the session as OPEC members noted that oil demand is slowing in a well supplied market and fears about Hurricane Ike took a backseat.  The commodity closed the NY session just above the $102 mark after making a low at $101.74/bbl.  This leaves the psychologically important $100 level within striking distance overnight.  USD/CAD traded higher on the weakness in oil.  Loonie opened the session near 1.0615 and was sitting just about 100 pips higher at the close.

On another note, the total decimation in US stocks helped JPY crosses lower.  US equities fell -3.4% in broad terms, led by massive declines in Energy and Financial shares.  USD/JPY plunged about -120 pips in NY trading towards a 106.80 close.  EUR/JPY meanwhile continued its volatile streak, slipping nearly -220 pips towards the 150.95 mark.  Follow through in overseas equity markets on the back of the US declines should see JPY crosses lower still.


Upcoming Economic Data Releases (Asia Session):

  • 9/9  22:45 GMT NZ Terms of Trade Index (QoQ) 2Q 4.10% - -
  • 9/9  23:01 GMT UK NIESR GDP Estimate AUG 0.10% - -
  • 9/9  23:50 GMT JN Domestic CGPI (MoM) AUG 2.00% 0.00%
  • 9/9  23:50 GMT JN Domestic CGPI (YoY) AUG 7.10% 7.20%
  • 9/9  23:50 GMT JN Current Account Total JUL Â¥493.9B Â¥1317.2B
  • 9/9  23:50 GMT JN Adjusted Current Account Total JUL Â¥1290.7B Â¥1350.0B
  • 9/9  23:50 GMT JN Trade Balance - BOP Basis JUL Â¥252.1B Â¥233.1B
  • 9/10  0:30 GMT AU Westpac Consumer Confidence SEP 9.10% - -
  • 9/10  5:00 GMT JN Leading Index CI JUL P 91.3 91.9
  • 9/10  5:00 GMT JN Coincident Index CI JUL P 101.6 102.5

Published on  Tue, Sep 9 2008, 22:10 GMT


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