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- New York 01:21
- London 06:21
- Barcelona 07:21
- Tokyo 15:21
- Sydney 17:21
Market Session Recaps
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New York Session
Wed, Oct 8 2008, 23:52 GMT
by Forex.com Research Desk
The action in the NY session was reminiscent of what we've seen pretty much the entire week here. The USD was higher against the majors while JPY crosses got crushed again. The coordinated -50 bps rate cut by six major global central banks initially had stocks jumping for joy. The hesitation to take equities higher was palpable as stocks went back and forth from negative to positive multiple times. Heavy selling on good volume into the close, however, saw US stocks shed about -2% on the day.
JPY crosses followed (or lead?) the move lower. USD/JPY plunged more than -90 pips into a close near the 99.85/90 zone. The 100.00 mark proved to be a major pivot and we would expect a move back above there to see some decent strength. EUR/JPY plunged more than -170 pips towards the 136.40 area. Look for JPY crosses to get punished some more overnight if Asia stock markets follow-through on the price action in NY. We would expect USD/JPY to retest today's 98.60 low while EUR/JPY should see towards 134.15 on weakness in equities.
The UK's decision to bail out a plethora of banks with more than $80 billion coupled with the market view that the BOE will cut rates another -25 bps on top of today's -50 bps slash had GBP on the mat the entire NY session. GBP/USD was crushed more than -250 pips and was sitting near the 1.7285/90 zone as the session came to a close. The low was near 1.7260 and we believe a move into the 1.7200 zone would provide a good buying opportunity.
Upcoming Economic Data Releases (Asia Session):
- 10/8/2008 23:50 GMT JN Machine Orders (MoM) AUG -3.90% -2.70%
- 10/8/2008 23:50 GMT JN Machine Orders YOY% AUG -4.70% -2.20%
- 10/9/2008 0:00 GMT AU Consumer Inflation Expectation OCT 4.40% - -
- 10/9/2008 0:30 GMT AU Unemployment Rate SEP 4.10% 4.30%
- 10/9/2008 0:30 GMT AU Participation Rate SEP 65.20% 65.20%
- 10/9/2008 0:30 GMT AU Employment Change SEP 14.6K 0.0K
Published on Wed, Oct 8 2008, 23:54 GMT
Archive
- New York Session
Published On Mon, Nov 23 2009, 22:12 GMT - London Session
Published On Mon, Nov 23 2009, 11:36 GMT - Asia Session
Published On Mon, Nov 23 2009, 07:07 GMT - London Session
Published On Fri, Nov 20 2009, 11:37 GMT - Asia Session
Published On Fri, Nov 20 2009, 06:53 GMT
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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
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