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Market Session Recaps

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London Session

Mon, Dec 1 2008, 13:18 GMT
by Forex.com Research Desk

FOREX.com

The buck was bid in London trading as the flight to safe assets continued. Global stock markets headed lower with Asia slipping about -2% while European bourses were down closer to -3% thus far. EUR and GBP were sold off as traders looked to the safe haven USD. EUR/USD slipped more than -45 pips and was sitting near 1.2650 just ahead of the NY session open. GBP/USD meanwhile shed a much more aggressive -275 points to 1.5000/10 as economic concerns continued to weigh on the currency.

Bonds rallied hard in the US and the 2-year note yield fell below 1% while the 10-year slipped under 3% for the first time ever. JPY crosses were sold forcefully on the back of this flight to safety. USD/JPY shed more than -125 pips towards the 93.80/90 area while EUR/JPY was decimated more than -200 points into the 118.70/80 zone. US equity futures are pointing to a -2.5% decline in stocks and this should keep JPY crosses heavy in NY trading as well.

Upcoming Economic Data Releases (NY Session) Prior Estimate

• 12/01 13:30 GMT CA Gross Domestic Product MoM SEP -0.30% 0.20%

• 12/01 13:30 GMT CA Quarterly GDP Annualized 3Q 0.30% 0.80%

• 12/01 15:00 GMT US ISM Manufacturing NOV 38.9 37.5

• 12/01 15:00 GMT US ISM Prices Paid NOV 37 33

• 12/01 15:00 GMT US Construction Spending MoM OCT -0.30% -0.90%

• 12/01 16:00 GMT EC Euro-Area Finance Ministers Meet

• 12/01 18:45 GMT US Fed's Bernanke, Fisher to Speak on Economic Outlook

• 12/01 20:00 GMT US Treasury's Paulson to Speak on Economy

Published on  Mon, Dec 1 2008, 13:20 GMT