Market Session Recaps
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Asia Session
Mon, Dec 1 2008, 07:15 GMT
by Forex.com Research Desk
This new week in Asia can be summed up by one theme, rate cuts. The coming week will see central bank meetings with the Bank of England, European Central Bank, Reserve Bank of Australia, and the Reserve Bank of New Zealand, and the general consensus is that we can see cuts across the board. With the expectation of those cuts, as well as a soft Nikkei, general risk aversion and thin trading, we saw the Yen make some gains versus the US Dollar. USD/JPY opened near its highs of 95.53, but did not reside long at that locale as we quickly saw the pair slip to 95.15 lows before getting some stability at the 95.30 area. EUR/JPY followed the lead with Yen buying as that pair started near 121.45 and dropped to 120.11 before settling at around 120.80.
Initially the EUR/USD opened higher, near 1.2710, but lost steam as investors digested the fact that the Euro Zone will be the first up for a rate cut. Inevitably, the pair hit 1.2620 and bounced back to current levels near 1.2675. If the ECB cuts rates as expected, it would constitute the third ECB cut in less than two months. The market is expecting a 50 bps rate cut from, 3.25% to 2.75%, although the growing thought is that the bank could cut up to 75 bps. Of interest this session was the murmurs out of the UK that they may try to eventually adopt the Euro and drop the Pound.
This week is extraordinary as far as potential market moving data in the form of the central bank meetings as well as the US NFP to end the week.
Upcoming Economic Data Releases (London Session):
| 12/1 | 7:00 | GE | Retail Sales (MoM) | OCT | -2.30% | 0.50% |
| 12/1 | 7:00 | GE | Retail Sales (YoY) | OCT | 1.20% | -0.30% |
| 12/1 | 8:30 | SZ | SVME-Purchasing Managers Index | NOV | 47 | 45.6 |
| 12/1 | 8:50 | FR | PMI Manufacturing | NOV F | 37.9 | 37.9 |
| 12/1 | 8:55 | GE | PMI Manufacturing | NOV F | 36.7 | 36.7 |
| 12/1 | 9:00 | EC | PMI Manufacturing | NOV F | 36.2 | 36.2 |
| 12/1 | 9:30 | UK | M4 Money Supply (MoM) | OCT F | 2.30% | - - |
| 12/1 | 9:30 | UK | M4 Money Supply (YoY) | OCT F | 15.10% | - - |
| 12/1 | 9:30 | UK | Net Consumer Credit | OCT | 0.3B | 0.5B |
| 12/1 | 9:30 | UK | Net Lending Sec. on Dwellings | OCT | 2.2B | 1.8B |
| 12/1 | 9:30 | UK | Mortgage Approvals | OCT | 33K | 32K |
| 12/1 | 9:30 | UK | PMI Manufacturing | NOV | 41.5 | 39.7 |
Published on Mon, Dec 1 2008, 08:03 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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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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