After a huge run up in the US Dollar as equities staged an 11% turnaround late in trading, the Yen and Euro gained back some ground as traders felt that the upcoming G20 meeting will fail to put any positive spin on the struggling global economy. This session, USD/JPY topped out at 98.08 after a run from 95.13 early in NY trading, and subsequently reversed to current levels at the 97.00 levels. It was clear that the Yen was very oversold at these levels. EUR/JPY benefitted from the return to the carry trade and riskier assets and as well reached a 125.73 high before the turn around in early Asian trading. The cross, dropped to 123.50 as of this writing, a small move in relation to yesterday's move from 118.54 to the recent 126.05 high.       
      
With a slew of data due later in London, (see below) the EUR/USD lost steam from 1.2828 to lows of 1.2705 and much of the price action was victim to moves in EUR/GBP, EUR/JPY. GBP/USD was hit again, falling from 1.4931 to lows of 1.4769, as many view the UK's economy as in dire straights. The Cable has fallen from just over 1.8500 to current lows in just under one month. Have a nice weekend...      

Upcoming Economic Data Releases (London Session)

  • 11/14/2008 7:00 GE  Consumer Price Index (MoM)  OCT F  -0.20% -0.20%
  • 11/14/2008 7:00 GE  Consumer Price Index (YoY)  OCT F  2.40% 2.40%
  • 11/14/2008 7:00 GE  CPI - EU Harmonised (MoM)  OCT F  -0.30% -0.30%
  • 11/14/2008 7:00 GE  CPI - EU Harmonised (YoY)  OCT F  2.50% 2.50%
  • 11/14/2008 7:45 FR  Non-Farm Payrolls (QoQ)  3Q P  -0.20% -0.20%
  • 11/14/2008 7:45 FR  Wages (QoQ)  3Q P  0.90% 0.60%
  • 11/14/2008 7:45 FR  October Survey of Industrial Investment  14-Nov  
  • 11/14/2008 7:45 FR  Gross Domestic Product (QoQ)  3Q P  -0.30% -0.10%
  • 11/14/2008 7:45 FR  Gross Domestic Product (YoY)  3Q P  1.10% 0.40%
  • 11/14/2008 8:00 GE  ECB's Trichet, Stark, Orphanides in Frankfurt  14-Nov  
  • 11/14/2008 9:00 EC  EU-Russia Summit in Nice  14-Nov  
  • 11/14/2008 10:00 EC  Euro-Zone CPI (MoM)  OCT  0.20% 0.10%
  • 11/14/2008 10:00 EC  Euro-Zone GDP s.a. (QoQ)  3Q A  -0.20% -0.20%
  • 11/14/2008 10:00 EC  Euro-Zone GDP s.a. (YoY)  3Q A  1.40% 0.70%
  • 11/14/2008 10:00 EC  Euro-Zone CPI (YoY)  OCT  3.20% 3.20%
  • 11/14/2008 10:00 EC  Euro-Zone CPI - Core (YoY)  OCT  1.90% 1.90%