Market Session Recaps
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New York Session
Mon, Sep 22 2008, 23:15 GMT
by Forex.com Research Desk
The buck was decimated in the NY session as pessimism about the US government bailout spread. Investors suffered a case of sticker shock after the $700 billion price tag of the bailout was announced. In the end, however, the plan could end up costing much less as the government is not forced to mark the assets to market. The flight away from everything and into commodities made matters worse for the USD as the hedge against USD declines was full-blown.
Oil rocketed to $130 at one point (though this was due to scant liquidity in the expiring front-month contract) while gold surged past the $900 mark with relative ease. In all, commodities rose about 4% on the day. Stocks were punished, falling -3.8% in broad terms on an -8.5% decline in financial stocks (despite the ban on shorting these). The flight to ''safe'' assets was less clear as the 2-year note yield fell -4 bps to 2.12% but the 10-year rose about 3 bps to 3.83%.
Euro had a great session, trading as high as 1.4867 after opening NY trading near the 1.4570 mark. The pair would eventually settle just below the 1.48 area. USD/JPY fell more than -85 pips towards the 105.40/45 zone on the stock market declines, but Euro strength helped EUR/JPY rally about 100 pips into a close near the 155.90/95 area. USD/CAD was crushed about -90 pips on the surge in oil prices and the pair ended the session near the 1.0350 level.
Upcoming Economic Data Releases (Asia Session):
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Published on Mon, Sep 22 2008, 23:17 GMT
Archive
- New York Session
Published On Thu, Jan 8 2009, 22:40 GMT - London Session
Published On Thu, Jan 8 2009, 06:22 GMT - Asia Session
Published On Thu, Jan 8 2009, 06:13 GMT - New York Session
Published On Wed, Jan 7 2009, 22:26 GMT - Asia Session
Published On Wed, Jan 7 2009, 06:14 GMT
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