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Market Session Recaps

London Session

Wed, Sep 10 2008, 15:05 GMT
by Forex.com Research Desk

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The buck gained ground against most of the majors once again in London trading as the European Commission cut its growth forecast for 2008 down to 1.3% from 1.7% and this negated the positive impact from better than expected French industrial production numbers.  ECB President Trichet came out with typical hawkish comments saying that he expects inflation to ''remain high for some time''.  Luxembourg Finance Minister Juncker offered a more somber assessment though, noting the ''risk of a technical recession''' in Europe and that the euro remains ''overvalued''.

EUR/USD dipped about -45 pips in the session towards a close near the 1.4095 mark.  GBP/USD meanwhile slipped about -70 pips towards the 1.7565 area.  USD/CAD remained relatively lofty, adding a modest 15 pips towards 1.0690, as oil prices remain under pressure to take out $100/bbl.  USD/JPY was taken lower once again on the shaky performance of global equity markets.  Bad earnings news from a major US investment bank this morning is likely to keep US stocks depressed and pressure JPY crosses further.

No major economic data out today but oil inventory data will likely be closely watched at 1435GMT.  The forecasts are for huge draws for the week ended September 5th as Hurricane Gustav struck the Gulf.  Better than expected results are likely to see oil test $100 in earnest.  The focus is likely to be on equities and specifically the financial sector.  Watch for JPY crosses to react with some volatile moves.


Upcoming Economic Data Releases (NY Session):

  • 9/10  12:30  CA Labor Productivity QoQ 2Q -0.30% 0.30%

Published on  Wed, Sep 10 2008, 15:05 GMT


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