After a big data week in the Forex markets, the Asia session ended rather quietly as most traders were awaiting the US November non-farm payroll data tomorrow in New York. The US Dollar was mixed as the markets prepared for the possibility of anywhere from 325K to 500k job being lost as the US tries to fight off recession. EUR/USD opened near highs at 1.2795 and zigzagged its way to a low of 1.2731 and a close of near 70 in very subdued trading. The ECB's 75 basis point cut was pretty much expected, but was nonetheless seen as a step in the right direction. As well, the BoE's 100 basis point cut was pretty well received but since the 1.4813 NY high it's been all downhill, as the Pound hit bottom at 1.4632 in Asia. 1.4690 was the level as of this writing.
USD/JPY was initially higher hitting 92.57 early, but the Yen strengthened on the usual risk aversion ahead of tomorrows US data, and the pair was trading near 92.30 as London awoke to trade. EUR/JPY traded in a range of 118.21 to 117.49, in what was essentially the culmination of a relatively quite week in Asia. Enjoy the weekend....
Upcoming Economic Data Releases (London Session):
| 12/05 | 11:00 | GE | Factory Orders MoM (sa) | OCT | -8.00% | -0.50% |
| 12/05 | 11:00 | GE | Factory Orders YoY (nsa) | OCT | -2.70% | -0.50% |
