FXstreet.com

Market Session Recaps

14

0

London Session

Wed, Nov 19 2008, 13:24 GMT
by Forex.com Research Desk

FOREX.com


The minutes from the Bank of England meeting showed a unanimous vote to slash rates and this helped Sterling higher in the London trading, in an otherwise rather uneventful session.  Economic data out of the UK was less inspiring.  The Confederation of British Industry's monthly survey of UK manufacturers improved modestly in November, with total orders rising to a still paltry -38 from -39 in October.  The volume of expected output, however, plunged to -42 from -31 and the lowest since 1980.

So clearly the UK economy is far from out of the woods, but the proactive stance by the BOE looks to be helping prospects at least.  GBP/USD jumped more than 100 pips and was sitting near 1.5080 just ahead of the NY session.  We now look to the 1.5000 area to provide decent support, with a break below here suggesting accelerated weakness.

Risk trades remained heavy as global stock markets could not follow the US higher overnight.  Asia slipped a modest -0.8% while European bourses were down about -1.5% at last look.  JPY crosses were up just modestly in the session.  USD/JPY ticked about 10 pips higher towards the 96.80/90 zone while EUR/JPY was about 25 points higher near the 122.50/60 area.  US equity futures remain near the overnight lows and we would expect a sharp correction from yesterday's positive performance should see USD/JPY and EUR/JPY retest 96.00 and 121.50 respectively.

Upcoming Economic Data Releases (NY Session)   Prior   Estimate

  • 11/19/2008 13:30 GMT CA Int'l Securities Transactions SEP -C$0.730 -C$1.500
  • 11/19/2008 13:30 GMT CA Leading Indicators MoM OCT -0.20% -0.20%
  • 11/19/2008 13:30 GMT US Consumer Price Index (MoM) OCT 0.00% -0.80%
  • 11/19/2008 13:30 GMT US CPI Ex Food & Energy (MoM) OCT 0.10% 0.20%
  • 11/19/2008 13:30 GMT US Consumer Price Index (YoY) OCT 4.90% 4.10%
  • 11/19/2008 13:30 GMT US CPI Ex Food & Energy (YoY) OCT 2.50% 2.40%
  • 11/19/2008 13:30 GMT US Housing Starts OCT 817K 780K
  • 11/19/2008 13:30 GMT US CPI Core Index SA OCT 216.956 - -
  • 11/19/2008 13:30 GMT US Building Permits OCT 786K 773K
  • 11/19/2008 13:30 GMT US Consumer Price Index NSA OCT 218.783 - -
  • 11/19/2008 13:35 GMT CA Bank of Canada Mark Carney Speaks in London
  • 11/19/2008 14:00 GMT US Fed's Kohn Speaks on Asset Prices at Cato Conference
  • 11/19/2008 15:35 GMT US DOE U.S. Crude Oil Inventories 14-Nov 22K - -
  • 11/19/2008 15:35 GMT US DOE U.S. Gasoline Inventories 14-Nov 1982K - -
  • 11/19/2008 15:35 GMT US DOE U.S. Distillate Inventory 14-Nov 516K - -
  • 11/19/2008 15:35 GMT US DOE U.S. Refinery Utilization 14-Nov -0.69% - -
  • 11/19/2008 18:30 GMT US Fed's Lacker Speaks at Conference on Subprime Crisis
  • 11/19/2008 18:40 GMT UK BOE's Gieve to Make Speech 19-Nov 
  • 11/19/2008 18:40 GMT UK BOE's Bean to deliver speech 19-Nov 
  • 11/19/2008 19:00 GMT US Minutes of Oct. 28-29 FOMC Meeting

Published on  Wed, Nov 19 2008, 13:33 GMT


Archive

Forex.com  | 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

Why Non-Farm Payrolls Could Rebound in December by GFT (Global Forex Trading)
Thu, Jan 8 2009, 17:27 GMT

One year Outlook for JPY - Dollar/Yen moves in the second half of last year were a bit bigger than we had expected by Mizuho Corporate Bank
Thu, Jan 8 2009, 16:14 GMT

Daily Technical Strategist - EURUSD: Rejection Candle Triggers Recovery by FXTechstrategy
Thu, Jan 8 2009, 14:53 GMT

Daily Market Report - The Bank of England cut rates today by 50 basis points, to 1.50% by Wachovia
Thu, Jan 8 2009, 13:10 GMT

Currency Majors Technical Analysis by Mataf.net
Thu, Jan 8 2009, 12:41 GMT

eurusd, eurjpy, gbpusd, usdjpy

View All

Related content

CURRENCIES: Sterling Up After Expected Bank Of England Rate Cut
Dow Jones | Thu, Jan 8 2009, 16:14 GMT

Think-tanks slash forecasts for euro zone GDP
Thomson Financial News | Thu, Jan 8 2009, 15:33 GMT

UPDATE 3-Bank of England cuts interest rates to record low
Thomson Financial News | Thu, Jan 8 2009, 15:24 GMT

MONEY MARKETS-Interbank rates ease as BoE cuts rates
Thomson Financial News | Thu, Jan 8 2009, 14:41 GMT

UPDATE 1-US jobless claims fell unexpectedly last week
Thomson Financial News | Thu, Jan 8 2009, 14:22 GMT

eurusd, eurjpy, gbpusd, usdjpy

View All

Interested in forex trading? forex brokerage firms!


FX Solutions LLC
Contact the broker/FDM
Open a demo account		MG Financial Group
Contact the broker/FDM
Open a demo account
GFT
Contact the broker/FDM
Open a demo account		Forex Club Financial Company
Contact the broker/FDM
Open a demo account		Alpari (US), LLC
Contact the broker/FDM
Open a demo account

FXstreet.com will give you a 3 months membership as soon as minimum rebates have been generated (€150 for private trader/ €300 for corporate trader)

[Read Premium full description]

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.