Market Session Recaps
3
0
New York Session
Thu, Dec 4 2008, 21:38 GMT
by Forex.com Research Desk
The London session was rather lackluster initially as the markets awaited the BOE and ECB interest rate decisions in early NY trading. Economic data continued to come in weak but was overall shrugged off as rates take precedence today. UK home prices fell a steeper than expected -2.6% in November after a -2.4% decline the previous month. French employment was a touch better as the unemployment rate ticked up to a lower than expected 7.3% in 3Q from 7.2% prior. Euro-zone consumption however was revised down for 3Q to 0.0% from an initially reported 0.1% growth rate. Overseas equity marts were tame with Asia down marginally while European bourses were up modestly.
The uninspiring performance in stocks had the risk trades in FX in limbo. EUR/USD was down a modest -10 points and sitting near the 1.2640 mark just ahead of the BOE rate decision. The 1.2670 area here looks like the next trigger for upside. EUR/JPY was also down just about -10 pips and near 117.30/35 while USD/JPY was practically unchanged in the session near the 92.80/85 zone. The price action in GBP/USD picked up markedly as the Bank of England cut rates by an expected -100 basis points to 2.00% just moments ago. The ''as expected'' rate cut coupled with negative comments on the economy have Cable trading about -80 pips from the London open and near the 1.4600 area. Look for the ECB to give some juice to price action in FX at 1245GMT next.
Upcoming Economic Data Releases (NY Session) Prior Estimate
- 12/04 12:45 GMT EC ECB Announces Interest Rates 4-Dec 3.25% 2.75%
- 12/04 13:30 GMT CA Building Permits MoM OCT 13.40% -6.00%
- 12/04 13:30 GMT US Initial Jobless Claims 29-Nov 529K 540K
- 12/04 13:30 GMT US Continuing Claims 22-Nov 3962K 4030K
- 12/04 13:30 GMT EC Trichet Speaks at ECB Monthly News Conference
- 12/04 15:00 GMT CA Ivey Purchasing Managers Index NOV 52.2 50.5
- 12/04 15:00 GMT US Factory Orders OCT -2.50% -4.50%
- 12/04 16:15 GMT US Bernanke Speaks on Housing
- 12/04 US ICSC Chain Store Sales YoY NOV -0.90% - -
Published on Thu, Dec 4 2008, 21:41 GMT
Archive
- London Session
Published On Fri, Jul 3 2009, 10:13 GMT - Asia Session
Published On Fri, Jul 3 2009, 06:11 GMT - New York Session
Published On Thu, Jul 2 2009, 22:09 GMT - London Session
Published On Thu, Jul 2 2009, 10:55 GMT - Asia Session
Published On Thu, Jul 2 2009, 07:05 GMT
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