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- New York 17:15
- London 22:15
- Barcelona 23:15
- Tokyo 07:15
- Sydney 09:15
Market Session Recaps
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London Session
Mon, Sep 22 2008, 14:54 GMT
by Forex.com Research Desk
The greenback trended lower in the London session as the implications from the US government's $700 billion (so far) rescue plan continue to be weighed. Concerns as to what this means for the US budget deficit (wider) and short-term interest rates (possibly lower) have most investors selling the currency. This concern is also leading to resurgence in commodity prices, as investors buy them as a hedge against dollar depreciation. Oil jumped another $2 to just under the $108 mark after having been solidly below $95 just a week ago.
EUR/USD was up more than 80 pips in the session towards a close near the 1.4575/80 zone. The pair managed to squeak above the 1.46 mark briefly but retreated. This level is likely to provide decent resistance in the NY session. GBP/USD rocketed more than 130 pips higher into the 1.8430/35 area. USD/JPY meanwhile traded roughly -30 pips lower towards a 106.30 close, as US stocks reflect on the bailout package and what it means for potential credit paper write-downs -- and that reflection is decidedly lower. USD/CAD was punished on the higher oil prices and Loonie fell into the 1.0435/40 area at the close of London trading.
The only piece of economic data out in NY trading is Canadian retail sales. The market looks for a modest 0.2% increase in the headline number and a 0.4% jump excluding autos. Better than expected results should see USD/CAD lower, back towards the 1.0430/00 zone. Otherwise, traders will be focused on equity markets again and any news regarding the credit market bailout. It feels like the start of another turbulent week. Good luck!
Upcoming Economic Data Releases (NY Session):
- 9/22/2008 12:30 CA Retail Sales MoM JUL 0.50% 0.30%
- 9/22/2008 12:30 CA Retail Sales Less Autos MoM JUL 1.40% 0.40%
- 9/22/2008 15:30 US Fed's Fisher Speaks in Texas on U.S. Economy, Finance Industry
Published on Mon, Sep 22 2008, 15:01 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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