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- New York 15:15
- London 20:15
- Barcelona 21:15
- Tokyo 05:15
- Sydney 07:15
Market Session Recaps
8
0
Asia Session
Thu, Jan 15 2009, 07:19 GMT
by Forex.com Research Desk
Risk aversion came roaring back after US stocks were bashed on poor retail sales and the possibility of more gloom and doom from the battered financial sector. Asian stocks were quick to follow the same road and the Yen was primed to gain ground on the back of the poor equity showing. The Yen began the session inching higher and hit a setback as poor Machinery Orders in Japan pushed USD/JPY from 88.88 to a 89.24 high, but the earlier momentum pushed the pair back to a session low of 88.77 as the Nikkei dropped over 4%.
The crosses all favored the Yen as investors fled riskier assets for Yen safety.
The Euro bounced back from early NY session lows of 1.3094 and hit a Asian high of 1.3219 before trading sideways into Europe's morning. Rumors yesterday of Ireland asking for help from the IMF helped push the Euro off of a 1.3337 cliff to start the carnage. All eyes will now focus on the upcoming ECB rate decision at 12:45 GMT where the expectation is that a .50bp cut to 2.00% is in the cards.
However, in light of the recent downgrade warnings of Portugal, Spain and Ireland and the utter collapse of Greece, it is not out of the realm of possibility that the ECB could be a bit more aggressive and make a cut closer to 1.0%. Don't rule it out especially in lieu of recent comments by ECB members.
Once the rate is announced look for markets to immediately look ahead to the next slew of US data and the US Presidential Inauguration next Tuesday (US), after a holiday weekend.
Upcoming Economic Data Releases (London Session):
| 1/15/2009 | 7:00 | GE | Consumer Price Index (MoM) | DEC F | -0.50% | 0.30% |
| 1/15/2009 | 7:00 | GE | Consumer Price Index (YoY) | DEC F | 1.40% | 1.10% |
| 1/15/2009 | 7:00 | GE | CPI - EU Harmonised (MoM) | DEC F | 0.40% | 0.40% |
| 1/15/2009 | 7:00 | GE | CPI - EU Harmonised (YoY) | DEC F | 1.10% | 1.10% |
| 1/15/2009 | 10:00 | EC | Euro-Zone CPI (MoM) | DEC | -0.50% | -0.10% |
| 1/15/2009 | 10:00 | EC | Euro-Zone CPI (YoY) | DEC | 2.10% | -0.10% |
| 1/15/2009 | 10:00 | EC | Euro-Zone CPI - Core (YoY) | DEC | 1.90% | 1.80% |
| 1/15/2009 | 11:01 | NZ | QV House Prices YoY% | DEC | - - | - - |
| 1/15/2009 | 12:45 | EC | ECB Announces Interest Rates | 15-Jan | 2.50% | 2.00% |
| 1/15/2009 | 13:30 | CA | New Motor Vehicle Sales MoM | NOV | -0.90% | -7.70% |
Published on Thu, Jan 15 2009, 07:29 GMT
Archive
- London Session
Published On Fri, Nov 6 2009, 11:03 GMT - Asia Session
Published On Fri, Nov 6 2009, 06:52 GMT - New York Session
Published On Fri, Nov 6 2009, 00:00 GMT - London Session
Published On Thu, Nov 5 2009, 11:08 GMT - Asia Session
Published On Thu, Nov 5 2009, 07:03 GMT
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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
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