Market Session Recaps
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London Session
Tue, Jan 6 2009, 05:51 GMT
by Forex.com Research Desk
The London session saw some impressive price action and the overall flavor was a much higher US dollar. Talk that the US fiscal stimulus package could total $775 billion and that about $300 billion will come via tax cuts looks to be putting a good near-term bid under the buck here. In that this would help the US economy beat others around the world towards recovery, it is very positive for the greenback.
EUR/USD got absolutely decimated and plunged -350 pips into the 1.3580 zone. GBP/USD was roughly -35 points lower towards 1.4510 and this was likely helped by UK construction PMI which came in at a weaker than expected 29.3 in December after a 31.8 print the prior month. The yen crosses were pushed around quite a bit and reflected most clearly the euro weakness and dollar strength. USD/JPY jumped 140 pips towards 93.40/50 while EUR/JPY slipped more than -120 pips into the 126.90/95 zone.
Upcoming Economic Data Releases (NY Session) previous forecast
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1/5/09 15:00 GMT US Construction Spending MoM NOV -1.20% -1.20%
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1/5/09 US Total Vehicle Sales DEC 10.2M 10.0M
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1/5/09 US Domestic Vehicle Sales DEC 7.6M 7.5M
Published on Tue, Jan 6 2009, 05:53 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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