Market Session Recaps
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Asia Session
Mon, Sep 15 2008, 06:10 GMT
by Forex.com Research Desk
This session has witnessed a historic change of the landscape on Wall Street, with Lehman Brothers filing for chapter 11, Merrill Lynch accepting a $44 Billion buyout from Bank of America, and AIG looking for a $40 Billion lifeline from the Fed or else it may go under. In lieu of these events the US Dollar has suffered, and the suffering looks to continue, at least for the near term. With uncertainty in the air, and thin markets as most of Asia was on holiday, the moves were drastic from the start as USD/JPY opened almost 180 pips lower than Friday's close of 107.88, and EUR/USD opened a big figure higher near 1.4307. From there it continued to get worse for the greenback as rumors came and went about the fate of various financial institutions, as well as the Fed possibly making an emergency rate cut. USD/JPY hit a low of 105.25 and at the close of the Asian trade day was net down almost two big figures. In EUR/USD, the high was 1.4480 and the session low was 1.4286, and the action in between was violent as moves were exaggerated due to the thin liquidity and constant reaction to rumors and facts.
The waters we are in currently are uncharted, as we have encountered a type of ''perfect storm'' on Wall Street. Tomorrow looks to be historic, and how equities react will directly translate to the FX markets, but what damage is to be sustained for the Dollar is unknown. And on the horizon for Tuesday is the FOMC rate decision.....this may be a tough ride for the Dollar.
Upcoming Economic Data Releases (London Session):
- 9/15/2008 6:45 FR Current Account (EURO) JUL - - -4.4B
- 9/15/2008 7:15 SZ Retail Sales (Real) (YoY) JUL 2.30% 0.70%
- 9/15/2008 7:15 SZ Producer & Import Prices (MoM) AUG -0.20% 0.50%
- 9/15/2008 7:15 SZ Producer & Import Prices (YoY) AUG 4.30% 4.90%
- 9/15/2008 8:00 EC EU Foreign Ministers Hold Meeting 15-Sep
- 9/15/2008 9:00 GE ECB's Trichet Speaks in Frankfurt 15-Sep
- 9/15/2008 9:00 EC Euro-Zone Labour Costs (YoY) 2Q 3.50% 3.30%
- 9/15/2008 9:00 EC Eurostat Publishes Euro-Area Quarterly Labor Costs 15-Sep
- 9/15/2008 12:00 EC ECB's Tumpel-Gugerell Speaks in Vienna 15-Sep
Published on Mon, Sep 15 2008, 06:12 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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