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- New York 14:03
- London 19:03
- Barcelona 20:03
- Tokyo 04:03
- Sydney 06:03
Market Session Recaps
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London Session
Tue, Sep 16 2008, 14:13 GMT
by Forex.com Research Desk
The buck gained ground against most of the majors as the benefit from plunging oil prices was enough to offset better than expected economic data across the pond. Oil remained depressed, closing just above the $92 mark after dipping as low as $91.54 in the session. The commodity has now tumbled nearly $10 in the last two trading days. The big economic news overnight was the improvement in the Euro-zone ZEW index, which rose to -40.9 in September from a previous -55.7 and considerably beat expectations. Inflation showed no signs of accelerating either, with the annual rate in EZ consumer prices remaining steady at 3.8% in August.
EUR/USD slipped roughly -70 pips in the session to a close near the 1.4170 mark. This area has proved good support in the past few hours as it is where the 200 hour SMA comes in. Cable suffered a sharper downturn and was down about -130 pips in NY trading towards a close near the 1.7805 level. Lower oil helped nudge Loonie higher as well, with USD/CAD moving about 50 pips up into the 1.0735/40 zone.
Equity market overseas remained jittery, with Asian marts plunging more than -5% while European bourses were down a sharp -3% currently. US futures are pointing to about a -1% decline at the open. The JPY crosses continued to turn lower on the poor global equity market performance as carry trades continue to get pared. USD/JPY fell another -25 pips towards the 104.15 zone while EUR/JPY dipped more than -100 pips into the 147.65 level
Upcoming Economic Data Releases (NY Session) Prior Estimate:
- 9/16/2008 12:30 GMT CA Manufacturing Shipments MoM JUL 1.00% 2.10%
- 9/16/2008 12:30 GMT US Consumer Price Index (MoM) AUG 0.00% 0.80%
- 9/16/2008 12:30 GMT US CPI Ex Food & Energy (MoM) AUG 0.20% 0.30%
- 9/16/2008 13:00 GMT US Net Long-term TIC Flows JUL $60.0B $53.4B
- 9/16/2008 15:00 GMT SZ SNB's Hildebrand Holds Speech in Lausanne, Switzerland
- 9/16/2008 17:00 GMT US NAHB Housing Market Index SEP 17 16
- 9/16/2008 17:00 GMT EC EU's Almunia Speaks at Event in Brussels
- 9/16/2008 18:15 GMT US FOMC Rate Decision 16-Sep 2.00% 2.00
Published on Tue, Sep 16 2008, 14:14 GMT
Archive
- London Session
Published On Fri, Nov 6 2009, 11:03 GMT - Asia Session
Published On Fri, Nov 6 2009, 06:52 GMT - New York Session
Published On Fri, Nov 6 2009, 00:00 GMT - London Session
Published On Thu, Nov 5 2009, 11:08 GMT - Asia Session
Published On Thu, Nov 5 2009, 07:03 GMT
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