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Market Session Recaps

London Session

Tue, Mar 17 2009, 12:35 GMT
by Forex.com Research Desk

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Major currencies held to relatively narrow ranges in European trading, as European stock markets pulled back from recent gains. EUR/USD remained confined to a range of about 1.2960-1.3030 despite an unexpected rise in German investor confidence. The Mar ZEW economic sentiment gauge rose to -3.5 from a prior -5.8 reading, improving versus expectations of a drop to -8.0. The pound gave up ground on EUR/GBP buying as a government measure of home prices registered new declines, though not as bad as feared. UK Jan. DCLG house prices fell to -11.5% YoY from the prior -10.2% level, suggesting that UK home prices remain under pressure. JPY-crosses mostly firmed as gains in Asian stocks and relatively mild losses in Europe kept risk appetites buoyant. Gold prices mostly edged lower, dropping from an initial gain to around $925 down to $918/919/oz as NY gets started.

Sentiment remains exceptionally fragile and there are a number of key data releases coming up in the NY session that could see markets revert to weakness yet again. Feb. US housing data is due out at 0830 and if the data suggests an even deeper downturn in the housing sector, overall sentiment may decide that spring is still out of reach.

Upcoming data releases

  • 3/17/2009 12:30 CA Manufacturing Shipments MoM JAN -8.00% - -

  • 3/17/2009 12:30 CA Labor Productivity QoQ 4Q 0.00% - -

  • 3/17/2009 12:30 US Producer Price Index (MoM) FEB 0.80% 0.30%

  • 3/17/2009 12:30 US PPI Ex Food & Energy (MoM) FEB 0.40% 0.10%

  • 3/17/2009 12:30 US Producer Price Index (YoY) FEB -1.00% -1.40%

  • 3/17/2009 12:30 US PPI Ex Food & Energy (YoY) FEB 4.20% 3.90%

  • 3/17/2009 12:30 US Housing Starts FEB 466K 450K

  • 3/17/2009 12:30 US Building Permits FEB 521K 510K

  • 3/17/2009 EC ECB's Trichet Speaks in Paris 17-Mar

Published on  Tue, Mar 17 2009, 12:38 GMT


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