Asia Session

Market Session Recaps

The Euro ended the Asian week dramatically as it bottomed out and reversed against the Yen and US Dollar ahead of tomorrow's Non Farm Payrolls data. After US equities were crushed once again, the Asian markets followed the same path and the EUR/JPY was sold early and often from the 124.24 open to a session low of 122.42. As the equities reversed, so did the EUR/JPY, as it was through 125.00 already as London began the day. All other Yen crosses followed the same pattern as risk aversion dried up on the equity bounce. USD/JPY dropped from 97.76 to 96.75 before reversing back to 97.80, and subsequently looked weak at 97.20 in early London. EUR/USD dropped from early highs of 1.2741 to lows of 1.2652 before bouncing back to levels just under 1.2800. The Euro reversal was a welcomed relief after the European currency began its slide after the ECB's reluctant rate cut. Look for the US President elect Obama to possibly announce his Secretary of the Treasury tomorrow, with the popular candidates being former Fed chairman Volcker, NY Fed president Geithner, former Treasury Secretary Summers and current NJ governor and former Goldman Sachs head Corizine. It will go without saying that this announcement may have an impact on both the equity as well as FX markets, particularly EUR/USD.

The final hurrah of the week is tomorrows Non Farm Payrolls in NY where the consensus is a drop of about 200k jobs. Have a good weekend.

Upcoming Economic Data Releases (London Session):

11/7/2008 7:00 GE Trade Balance SEP 10.6B 13.5B
11/7/2008 7:00 GE Current Account (EURO) SEP 7.3B 10.3B
11/7/2008 7:00 GE Imports SA (MoM) SEP -2.50% -1.00%
11/7/2008 7:00 GE Exports SA (MoM) SEP -0.50% 0.60%
11/7/2008 7:45 FR Trade Balance (Euros) SEP -5.4B -5.0B
11/7/2008 7:45 FR Central Govt. Balance (Euros) SEP -67.6B --
11/7/2008 11:00 GE Industrial Prod. YoY (nsa wda) SEP 1.70% -0.50
11/7/2008 11:00 GE Industrial Production MoM (sa) SEP 3.40% -1.70
11/7/2008 12:00 CA Unemployment Rate OCT 6.10% 6.20%
11/7/2008 12:00 CA Net Change in Employment OCT 106.9K -10.0K
11/7/2008 12:00 EC EU Holds Summit on Global Financial System 7-Nov

Published On Fri, Nov 7 2008, 10:08 GMT

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