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- New York 11:58
- London 16:58
- Barcelona 17:58
- Tokyo 01:58
- Sydney 03:58
Market Session Recaps
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Asia Session
Fri, Jul 3 2009, 06:11 GMT
by Forex.com Research Desk
The last day of the Asian week ended in a dynamic fashion right out of the gate as the Euro extended losses against the US Dollar as it collapsed almost 175 pips in a wave of stop loss selling in a thinned market. After yesterday's poor US employment data cast a dark cloud on the hopes of an early emergence from the global recession, the Greenback was bought in a hasty fashion as investors looked for safety as they fled riskier assets. If you didn't look at a chart after yesterday's Asia close and just opened one up for the start of the trade day today, it's safe to say that the moves you witnessed were startling. The drop on the open today in EUR/USD was as well, quite dynamic, and after the pair hit bottom below 1.3930, it spent the rest of the session clawing higher as investors looked to buy the European currency at the lows of the week.
Not taking the Euro move into account, the markets were whippy due to the holiday thinned markets as well as traders just taking a deep breath after the giant moves in NY. USD/JPY bounced around a 35 pip range, but looked unchanged for the day near 95.95 as the session and subsequently week, wound down. After the Euro dragged the EUR/JPY about 60 pips lower to near 133.60, the pair reversed to end up unchanged. With risk aversion looking like its back in vogue, the moves could be attributed to profit taking and pure short term speculation. The Aussie and Kiwi dollars both posted gains after rebounding off of weekly lows and the USD/CHF pair was retracing closer to the 1.0845 opening level after being catapulted to 1.0900 on the huge dollar move on the open.
Although equities and bonds are closed tomorrow in the US for the Independence Day holiday weekend, the currency markets, although probably thin, will in fact be open. If reading this in the US, enjoy the Holiday Weekend...
Upcoming Economic Data Releases (London Session) prior expected
| 7/3/2009 | 7:15 | SZ | CPI (MoM) | JUN | 0.20% | 0.10% |
| 7/3/2009 | 7:15 | SZ | CPI (YoY) | JUN | -1.00% | -1.10% |
| 7/3/2009 | 7:50 | FR | PMI Services | JUN F | 47.5 | - - |
| 7/3/2009 | 7:55 | GE | PMI Services | JUN F | 44.3 | 44.3 |
| 7/3/2009 | 8:00 | EC | PMI Services | JUN F | 44.5 | 44.5 |
| 7/3/2009 | 8:00 | EC | PMI Composite | JUN F | 44.4 | 44.4 |
| 7/3/2009 | 8:30 | UK | PMI Services | JUN | 51.7 | 51.5 |
| 7/3/2009 | 8:30 | UK | BoE Housing Equity Withdrawal | 1Q | -£8.0B | -£9.0B |
| 7/3/2009 | 9:00 | EC | Euro-Zone Retail Sales (MoM) | MAY | 0.20% | -0.10% |
| 7/3/2009 | 9:00 | EC | Euro-Zone Retail Sales (YoY) | MAY | -2.30% | -2.70% |
Published on Fri, Jul 3 2009, 06:22 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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