Market Session Recaps
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London Session
Fri, Sep 12 2008, 15:12 GMT
by Forex.com Research Desk
The buck lost ground against most of the majors in London trading as hawkish rhetoric out of the ECB counteracted rather tepid Eurozone economic data reports. The highlights were ECB President Trichet harping again about inflation and noting that it remains much higher than the target. Luxembourg's Finance Minister Juncker backtracked somewhat on previous dovish remarks made earlier this week and said that it is not true that Europe is on the brink of recession.
The news on the data front was overall euro negative. French consumer prices were flat with the annual rate falling to 3.2% from 3.6%. Eurozone employment slowed to an annual rate of 1.2% from 1.6% while industrial production plunged to -1.7% from a downwardly revised -0.8%. EUR/USD shrugged off the poor data and rallied about 90 pips into a 1.4095 close. GBP/USD followed suit by adding roughly 100 pips towards the 1.7695 area.
USD/CAD was about 20 pips lower as oil traded up a touch with Hurricane Ike ready to make landfall into the Houston area as a category 3 storm (115mph winds). Oil closed the session near $102.15 and a dip below $100 seems like it will have to wait until after the hurricane passes. USD/CAD meanwhile was sitting near 1.0715 at the London close.
Gains in equities overseas saw JPY crosses trade lower overnight. Asia rose about 1.8% while European stocks were up roughly 1% thus far. USD/JPY rose a modest 15 pips towards 107.35 while EUR/JPY jumped more than 100 pips into the 151.30 area. With US stock futures pointing to a weak NY open, watch for JPY crosses to give up gains some.
Upcoming Economic Data Releases (NY Session):
- 9/12 12:30 GMT CA Capacity Utilization Rate 2Q 79.80% 79.50%
- 9/12 12:30 GMT US Producer Price Index (YoY) AUG 9.80% 10.20%
- 9/12 12:30 GMT US PPI Ex Food & Energy (YoY) AUG 3.50% 3.70%
- 9/12 12:30 GMT US Advance Retail Sales AUG -0.10% 0.20%
- 9/12 12:30 GMT US Retail Sales Less Autos AUG 0.40% -0.20%
- 9/12 14:00 GMT US U. of Michigan Confidence SEP P 63 64
- 9/12 14:00 GMT US Business Inventories JUL 0.70% 0.50%
Published on Fri, Sep 12 2008, 15:13 GMT
Archive
- London Session
Published On Fri, Jul 3 2009, 10:13 GMT - Asia Session
Published On Fri, Jul 3 2009, 06:11 GMT - New York Session
Published On Thu, Jul 2 2009, 22:09 GMT - London Session
Published On Thu, Jul 2 2009, 10:55 GMT - Asia Session
Published On Thu, Jul 2 2009, 07:05 GMT
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