Market Session Recaps
9
0
London Session
Tue, Nov 18 2008, 13:17 GMT
by Forex.com Research Desk
The buck rallied against the majors in London trading as risk aversion was once again in vogue. Global equity marts remained weak with Asia shedding about -3.5% and European bourses down about -2.0% thus far. Economic data was light with the only noteworthy release being UK inflation. Consumer prices fell more than estimated and were running at a 4.5% annual rate in October after a 5.2% run-rate the prior month. This was the steepest decline in about 11 years and leaves the door wide open for the BOE to slash rates further.
Risk trades were pared in the session and EUR/USD lost about -20 pips into the 1.2620/30 zone. USD/JPY fell about -40 points to 96.20/30 while EUR/JPY saw a sharper -70 pip loss and was sitting near 121.40/50 ahead of the open in NY. The price of oil continued its pullback and the commodity remained firmly below $55/bbl. This helped boost USD/CAD about 45 pips to just above the 1.2300 area. The 1.2350 level looks like the next trigger for upside here.
The main event in the NY session is the testimonies of Bernanke and Paulson at 0930ET. They will be discussing the financial rescue and are likely to provide equity markets with plenty of nuggets to trade on. If they come off as more dovish than usual we would expect stocks to dip well below where futures are currently indicating (about -2.0%) and for JPY-crosses to head lower on the follow. Stay tuned.
Upcoming Economic Data Releases (NY Session) Prior Estimate
- 11/18/2008 13:30 GMT US Producer Price Index (MoM) OCT -0.40% -1.80%
- 11/18/2008 13:30 GMT US PPI Ex Food & Energy (MoM) OCT 0.40% 0.10%
- 11/18/2008 13:30 GMT US Producer Price Index (YoY) OCT - - 6.20%
- 11/18/2008 13:30 GMT US PPI Ex Food & Energy (YoY) OCT 4.00% 4.00%
- 11/18/2008 14:00 GMT US Net Long-term TIC Flows SEP $14.0B - -
- 11/18/2008 14:00 GMT US Total Net TIC Flows SEP -$0.4B - -
- 11/18/2008 14:30 GMT Paulson, Bernanke Testify on Financial Rescue
- 11/18/2008 15:00 GMT GE ECB's Stark Holds Speech in Frankfurt 18-Nov
- 11/18/2008 15:45 GMT UK BOE's Besley to Make Speech 18-Nov
- 11/18/2008 18:00 GMT US NAHB Housing Market Index NOV 14 14
- 11/18/2008 18:30 GMT UK ECB's Trichet Holds Speech in London 18-Nov
Published on Tue, Nov 18 2008, 13:18 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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