Market Session Recaps

1

0
Asia Session
Thu, Oct 2 2008, 06:14 GMT
by Forex.com Research Desk
FOREX.com
As was expected, the US Senate approved the $700 Billion Rescue Plan 74-25 (1 Senator abstained), and the Dollar rallied, and conversely, US equity futures fell, as they already shifted their sights to the evermore questionable passing of the Bill through the House of Representatives on Friday. Amid comments that Friday's vote could be a ''close call'' and with memories of the equity market carnage that followed the Monday rejection of the Bill will have all markets looking to the vote as the focal point of the week, usurping the ECB's rate decision later today and NFP on Friday in the US. The Dollar gained grounds versus the Euro, hitting a high of 1.3929, after starting the session close to 1.4032, with trading relatively thin prior to the ECB interest rate decision at 11:45 GMT, where it is expected that the rate will remain unchanged at 4.25%. Of greater concern in Europe is France proposing a 300 billion euro rescue package in case needed by a troubled financial institution, as well as Ireland boldly guaranteeing all Irish bank deposits, could be early signs of the credit disease spreading across the Atlantic. EUR/JPY churned lower from 148.69 to lows of 147.39 before bouncing back to the 147.70 level at sessions end.
USD/JPY moved higher in Asian trading, rebounding from a 105.31 NY session low, to hit a high of 106.29, boosted by the bailout as well as news that Warren Buffett pumped $3 into GE. The USD/JPY pair did drop from its highs to end the session higher at 105.75.
Down under, Australian Trade Balance came in strong and the AUD/USD popped to a 0.7942 high, but the highs were not sustained as traders feared a rate cut at the RBA's meeting next week. Most expect a .50 basis point cut at the meeting. AUD/JPY felt the effects of lower equities across Asia and a lessened appetite for the carry trade, and fell from 84.15 to more practical levels near 83.70.
Keep an eye on the ECB rate decision later although no move is expected, and as stated, keep in mind that the Rescue Plan will go to the House on Friday (NY) after the Asian week has ended.
Upcoming Economic Data Releases (London Session):
- 10/2/2008 6:00 UK Nat'wide House prices sa (MoM) SEP -1.90% -1.50%
- 10/2/2008 6:00 UK Nat'wide House prices nsa(YoY) SEP -10.50% -12.40%
- 10/2/2008 8:30 UK U.K. Bank of England Third Quarter Credit Conditions Survey 2 Oct
- 10/2/2008 8:30 UK PMI Construction SEP 40.5 38.9
- 10/2/2008 9:00 EC Euro-Zone PPI (MoM) AUG 1.10% -0.50%
- 10/2/2008 9:00 EC Euro-Zone PPI (YoY) AUG 9.00% 8.40%
- 10/2/2008 11:45 EC ECB Announces Interest Rates 2-Oct 4.25% 4.25%
Published on
Thu, Oct 2 2008, 06:16 GMT
Archive
- New York Session
Published On Tue, Dec 2 2008, 22:13 GMT
- London Session
Published On Tue, Dec 2 2008, 13:13 GMT
- Asia Session
Published On Tue, Dec 2 2008, 07:41 GMT
- New York Session
Published On Mon, Dec 1 2008, 22:28 GMT
- London Session
Published On Mon, Dec 1 2008, 13:18 GMT
[ View All ]
GAIN Capital Group
| 44 Wall Street, 7th Floor New York, NY 10005-2401
http://www.forex.com/ | info@forex.com
Legal disclaimer and risk disclosure
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Related reports
Daily Market Commentary - What is Behind the Dollar Rally? by GFT (Global Forex Trading)
Tue, Dec 2 2008, 22:17 GMT
Market Session Recaps - New York Session by FOREX.com
Tue, Dec 2 2008, 22:13 GMT
U.S. Forex Market Commentary by GCI
Tue, Dec 2 2008, 22:10 GMT
Daily Forex Technical Report by ActionForex.com
Tue, Dec 2 2008, 15:26 GMT
Foreing Exchange - USDCHF: Key resistance remains 1.2354, the March 2007 high by Avantage Financial GMBH
Tue, Dec 2 2008, 14:32 GMT
audjpy, audusd, eurusd, ecb, eurjpy, bailout, usdjpy
View All
Related content
W.House: Automakers must prove viability for aid
Thomson Financial News | Tue, Dec 2 2008, 16:22 GMT
BRIEF-U.S. lawmaker says Congress can't let automakers fail
Thomson Financial News | Tue, Dec 2 2008, 16:17 GMT
SCENARIOS-Where Washington stands on the auto bailout
Thomson Financial News | Tue, Dec 2 2008, 15:55 GMT
COLUMN-Dollar demise much exaggerated: John Kemp
Thomson Financial News | Tue, Dec 2 2008, 14:58 GMT
ECB-Gold reserves down by 115 mln euros in wk
Thomson Financial News | Tue, Dec 2 2008, 14:21 GMT
audjpy, audusd, eurusd, ecb, eurjpy, bailout, usdjpy
View All
FX Path » EUR/USD - Resisting the Bears
Wed, Dec 3 2008, 02:18 GMT
FX Path » USD/JPY - Expected Downtrend Continuation
Tue, Dec 2 2008, 03:13 GMT
The Week Ahead - Interest Rates - NFP and more
Mon, Dec 1 2008, 09:34 GMT
The Trader’s Edge » Weekly Warm Up
Mon, Dec 1 2008, 09:32 GMT
FxBootcamp » Pre London Outlook For December 1st 2008
Mon, Dec 1 2008, 09:11 GMT
audjpy, audusd, eurusd, ecb, eurjpy, bailout, usdjpy
View All
Technical analysis for EUR/USD, GBP/USD - Page 5 - Forex Forum - FXstreet.com
Fri, Oct 10 2008, 12:07 GMT
Yellowlion's Daily EURUSD - Page 6 - Forex Forum - FXstreet.com
Fri, Oct 10 2008, 12:07 GMT
Elliott charts with Grega H. - Page 2 - Forex Forum - FXstreet.com
Fri, Oct 10 2008, 12:05 GMT
Technical analysis for EUR/USD by AceTrader - Forex Forum - FXstreet.com
Fri, Oct 10 2008, 12:03 GMT
The technical analysis of majors - Page 3 - Forex Forum - FXstreet.com
Fri, Oct 10 2008, 12:02 GMT
audjpy, audusd, eurusd, ecb, eurjpy, bailout, usdjpy
View All
Outlook for the major currencies this week
Ian Copsey | Tue, Sep 30 2008, 08:00 GMT
FX Instructor Live Trading Room
Mark De La Paz | Tue, Sep 30 2008, 11:00 GMT 
The Weather Report: Ichimoku Cloud Trading
Chris Capre | Tue, Sep 30 2008, 14:00 GMT
FX Instructor Live Trading Room
Mark De La Paz | Wed, Oct 1 2008, 09:00 GMT
Weekly Webinar: 1st on Forex - The Week Ahead
Jerry Furst | Mon, Oct 6 2008, 16:00 GMT
audjpy, audusd, eurusd, ecb, eurjpy, bailout, usdjpy
View All
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our
user agreement. Please read our
privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2008 "FXstreet.com. The Forex Market" All Rights Reserved.