FXstreet.com

Market Session Recaps

0

0

New York Session

Mon, Jan 5 2009, 22:09 GMT
by Forex.com Research Desk

FOREX.com


The buck was lower against most of the majors in NY trading as poor economic data, lower stocks and some big technical breaks saw the greenback sink.  The S&P 500 fell about -0.5% and this was helped by a weak US November construction spending report and horrid motor vehicle sales for December.  EUR/USD added more than 50 points and was sitting near 1.3610/20 as the session was coming to a close.  Look for 1.3650 as the next barrier to upside here.  The move in GBP/USD was more impressive as Cable jumped more than 200 pips towards the 1.4710/20 zone.

Crude oil prices jumped nearly 5% on the day as the only thing holding back the move was the critical $50/bbl barrier.  Geopolitical tensions still look to be behind the recent surge as Israel moves deeper into Gaza.  This led to an absolute plunged in USD/CAD which sank more than -230 pips in NY and was sitting near the 1.1870 intraday lows minutes before the close.  The 1.20 break looks to have been major from a technical standpoint as well and we would reckon that a move back above that level would elicit some good buying here.

Upcoming Economic Data Releases (Asia Session) previous  forecast

  • 1/5 23:50 GMT JN Monetary Base (YoY) DEC 1.90% - -

Archive

Forex.com  | 44 Wall Street, 7th Floor New York, NY 10005-2401
http://www.forex.com/ | info@forex.com

Legal disclaimer and risk disclosure

The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Related reports

Weekly Market Commentary - Libor and Official Interest rates are at their narrowest by Mizuho Corporate Bank
Fri, Jul 3 2009, 14:33 GMT

European Market Update - Spain June Services PMI: 41.2 v 39.1 prior by TradeTheNews.com
Fri, Jul 3 2009, 12:32 GMT

Daily Market Report - Risk aversion was the main theme of yesterday's trading session by Wachovia
Fri, Jul 3 2009, 12:25 GMT

FX Thoughts for the Day by Kshitij Consultancy Service
Fri, Jul 3 2009, 12:23 GMT

Asia Market Update - Most Asian equities indices track the US session declines as nonfarm payrolls data disappoints by TradeTheNews.com
Fri, Jul 3 2009, 11:55 GMT

eurusd, usdcad, gbpusd

View All

Related content

European Markets mixed, EUR rises and GBP lower
FXstreet.com | Fri, Jul 3 2009, 14:38 GMT

Forex: EUR/USD rebounds at 1.3980, back above 1.4000
FXstreet.com | Fri, Jul 3 2009, 11:46 GMT

CURRENCIES: Dollar Edges Higher In Thin Trade Ahead Of Holiday
Dow Jones | Fri, Jul 3 2009, 11:46 GMT

Forex: GBP/USD falls further to test 1.6300
FXstreet.com | Fri, Jul 3 2009, 11:20 GMT

2nd UPDATE: UK Service Sector Grows, End Of Recession Nears
Dow Jones | Fri, Jul 3 2009, 10:15 GMT

eurusd, usdcad, gbpusd

View All

Interested in forex trading? forex brokerage firms!


NordMarkets.com
Contact the broker/FDM
Open a demo account
MG Financial Group
Contact the broker/FDM
Open a demo account
Alpari (US), LLC
Contact the broker/FDM
Open a demo account
CitiFX Pro
Contact the broker/FDM
Open a demo account
MIG INVESTMENTS SA
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2009 "FXstreet.com. The Forex Market" All Rights Reserved.