Market Session Recaps
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New York Session
Tue, Sep 23 2008, 22:54 GMT
by Forex.com Research Desk
The US dollar gained some ground against the majors in NY trading as it became a bit more evident that the cost to taxpayers from the government's mortgage bailout is likely to be well below the announced $700 billion. Treasury Secretary Paulson and Fed Chairman Bernanke noted the very real risk of doing nothing and how the costs from no action would far outweigh any downside risk to taxpayers from the proposed plan. From the hearing, however, it became clear that this bill is a contentious one.
Stock markets improved in the latter half of the session, only to fall off sharply as Senator Dodd remarked that the Paulson Plan is ''not acceptable'' in its current state. Stocks ended the day down about -1.6% broadly, on declines in every industry group. Oil was practically unchanged as it made a last minute charge towards the $107.00 mark, after dipping to a $104.05 session low.
The buck was resilient nonetheless. EUR/USD fell nearly -100 pips in the session towards a close near 1.4655/60. Sentiment on the greenback seems to have improved markedly and we would look to resell Euro into the 1.48 zone. USD/CAD rose about 30 pips despite overall steady oil prices and the pair was sitting near 1.0370 at the close. EUR/JPY was weak on the equity market rout and USD strength, with the pair shedding roughly -110 pips into the 1.5465/70 area. USD/JPY meanwhile was practically unchanged from the NY open at the 105.50 mark.
Upcoming Economic Data Releases (Asia Session):
- 9/23/2008 23:50 JN BSI Large All Industry (QoQ) 3Q -15.2 - -
- 9/23/2008 23:50 JN BSI Large Manufacturing (QoQ) 3Q -15.1 - -
- 9/24/2008 1:00 AU DEWR Skilled Vacancies MoM SEP -1.70% - -
- 9/24/2008 2:00 NZ Westpac McDermott Miller Consumer Confidence Index
Published on Tue, Sep 23 2008, 22:55 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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