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Market Session Recaps

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London Session

Wed, Sep 17 2008, 13:23 GMT
by Forex.com Research Desk

FOREX.com


The greenback weakened somewhat against the majors in London trading as the bailout of the US insurance giant failed to fully calm fears about the continued financial market turmoil.  Indeed, the Fed lending as much as $85 billion to the troubled company prompted many investors to sell US bonds and the buck.  Stocks overseas rallied with Asia and Europe both up about 1% as the bailout was viewed as positive there, given the alternative of a potential bankruptcy.

The JPY crosses were volatile once again with USD/JPY swinging about 100 pips before closing the session about -20 pips lower near the 105.85 mark.  EUR/JPY moved about 130 pips from open to close but ended the session right where it started near the 150.25 area.  GBP/USD was initially higher, into the 1.7970/80 area in the first half of London trading.  Poor employment data -- with UK jobless claims jumping more than expected – helped nudge Cable lower, with the pair closing just 20 pips higher near the 1.7870 mark.

Oil prices inched higher in London as well, closing just above $94 after coming within pennies of the $95 mark.  This put pressure on USD/CAD, taking the pair a little more than -40 pips lower towards 1.0655 at the close.  Oil inventory data today (1435GMT) should elicit some price action in the commodity and we would expect some movement in USD/CAD on the follow.


Upcoming Economic Data Releases (NY Session):

  • 9/17/2008  12:30  CA Int'l Securities Transactions JUL C$5.000 C$7.247
  • 9/17/2008  12:30  US Current Account Balance 2Q -$179.4B -$176.4B
  • 9/17/2008  12:30  US Housing Starts AUG 950K 965K
  • 9/17/2008  12:30  US Building Permits AUG 925K 937K
  • 9/17/2008  14:35  US DOE U.S. Crude Oil Inventories 12-Sep - - -5828K
  • 9/17/2008  14:35  US DOE U.S. Gasoline Inventories 12-Sep - - -6462K
  • 9/17/2008  14:35  US DOE U.S. Distillate Inventory 12-Sep - - -1252K

Published on  Wed, Sep 17 2008, 13:25 GMT


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