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Market Session Recaps
London Session
Thu, May 14 2009, 11:33 GMT
by Forex.com Research Desk
FOREX.com | View company's profile
Continued weakness in stock markets in Asia overnight has moderated with European indices being largely flat this morning. While the appetite that drove last week's risk trade has largely been replaced by caution, the EUR managed to win back some of its losses vs the USD aided by the balanced tone of the ECB's May monthly bulletin and some optimistic comments from the ECB's Vice-President Papademos. Gains in EUR/USD were short-lived, however, with USD buyers stepping in around EUR/USD1.3600.
In its May monthly bulletin the ECB reported ''balanced risks'' to its inflation forecast.
Papademos stated that ''we have seen an increasing number of positive signs suggesting that the economy is stabilising and that the recovery may start sooner than previously envisaged''. As a consequence the market revisited the idea that 1.0% may prove to be the floor in ECB rates. However, tomorrow's publication of German, French and Italian Q1 GDP data are set to be very weak and thus could reinstate the gloomy economic outlook. A re-emergence of disparate views from ECB board members, this time on whether or not the ECB would extend its plans to buy EUR60 bln of covered bonds, was largely shrugged off by the market.
In tune with the flat tone in stocks, USD/JPY has been pivoting around the 95.50 level, ahead of key support at 95.00. Activity in AUD/USD has been mostly contained within a tight 0.7550 – 0.7500 range. Cable buying continues to protect it from the 1.51 level, however, sentiment with respect to the pound has been undermined by the very dovish tone of yesterday's BoE Inflation Report and upside has struggled to push above the GBP/USD1.5160 level.
This afternoon's US Apr PPI data is set to illustrate a benign inflationary backdrop (median +0.1% m/m for the core figure). The market is expecting initial claims around 610K.
Upcoming Economic Data Releases (US Session). Prior, Expected
| 5/14/2009 | 12:30 | US | Producer Price Index (MoM) | APR | -1.20% | 0.10% |
| 5/14/2009 | 12:30 | US | PPI Ex Food & Energy (MoM) | APR | 0.00% | 0.10% |
| 5/14/2009 | 12:30 | US | Producer Price Index (YoY) | APR | -3.50% | -3.90% |
| 5/14/2009 | 12:30 | US | PPI Ex Food & Energy (YoY) | APR | 3.80% | 3.40% |
| 5/14/2009 | 12:30 | US | Initial Jobless Claims | 9-May | 601K | |
| 5/14/2009 | 12:30 | US | Continuing Claims | 2-May | 6351K | - - |
| 5/14/2009 | 14:10 | UK | BOE's Mac Coille Makes Speech on Blanchflower Paper | 14-May | ||
| 5/14/2009 | 15:30 | EC | ECB's Gonzalez-Paramo Speaks at University of Sevilla, Spain | 14-May | ||
| 5/14/2009 | 16:00 | GE | Swiss Bankers Association's Roth Speaks at Event | 14-May | ||
| 5/14/2009 | 16:20 | EC | ECB's Stark Speaks at Conference in Berlin | 14-May |
Published on Thu, May 14 2009, 11:40 GMT
Forex.com
http://www.forex.com/ | info@forex.com
Archive
- Asia Session
Published On Fri, Mar 19 2010, 06:42 GMT - New York Session
Published On Thu, Mar 18 2010, 22:32 GMT - Asia Session
Published On Thu, Mar 18 2010, 05:58 GMT - New York Session
Published On Wed, Mar 17 2010, 22:44 GMT - Asia Session
Published On Wed, Mar 17 2010, 06:08 GMT
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
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