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Market Session Recaps

London Session

Fri, Apr 10 2009, 15:12 GMT
by Forex.com Research Desk

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The price action in the London session was extremely quiet as most markets are closed for the Easter holiday and volumes remain thin in FX land. The only noteworthy piece of economic data was French industrial production and it slipped -0.5% in February to an annual rate of -15.5% from -14.5% -- a new low since records began in 1981. This elicited little reaction however.

EUR/USD was up a modest 10 pips to 1.3140 after trading in a very narrow hi to low range of about 25 points. Traders ran through 1.3110/00 stops in Asia and called it a day it seems. The yen crosses barely budged, with USD/JPY sitting by 100.30 and EUR/JPY near 131.80 – both also moving in about a 20/30 pip range here.

The price action remains near non-existent in early NY now but the low volume environment could still make for some "interesting" moves. No top-tier data or events to chew on in the session ahead and thus the technical levels will be in focus. If the London session was any indication, however, we wouldn't expect any major fireworks.

Upcoming Economic Data Releases (NY Session) prior expected

4/10 18:00 GMT US Monthly Budget Statement MAR -$48.2B -$160.0B


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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.
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