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Market Session Recaps
Asia Session
Tue, Sep 8 2009, 05:28 GMT
by Forex.com Research Desk
FOREX.com | View company's profile
After a strong run yesterday, the risk trade stalled and the Yen gained ground in response to Chinese equities stumbling out of the gate and a wave of profit taking after yesterday's moves. With the US out on holiday, traders looked to the languid Asian equity markets as a barometer of risk. Unable to sustain yesterday's moves, the crosses came under selling pressure early, as traders cut longs on what some felt was an overbought market, and the CSI 300 opening lower by over 1.5% surely didn't prevent the cross selling. EUR/JPY initially opened to highs near 133.45, but followed a downward path from there, hitting below 132.90 for a low late in the day. AUD/JPY shed about 50 pips, and NZD/JPY was lighter by almost 40 pips as the day wound down. GBP/JPY had the biggest move however, dropping from near 152.15 to lows of 151.40, although the GBP/USD was steady ahead of the BoE rate decision due out on the 10th.
Traders are concerned that the Bank of England may continue its asset buy back stimulus program as it leaves rates unchanged at 0.50%. Finally, the Yen strengthened against the greenback as well, sinking a good 35 pips to session lows near 92.70 although the Nikkei was in the green amidst very sluggish trading.
As like the Pound, the Euro traded sideways, although in a less than 20 pip range between 1.4345 and 1.4328 it was painful to watch. Yesterday's heroes, the Aussie and the Kiwi, both lost some luster, the Aussie doing so despite data showing a six year high in business confidence. Spot Silver roared to a one year high of just over $16.50 per ounce as Gold once again flirted with the coveted $1,000 per ounce level, falling short by less than $2.
London brings UK Manufacturing Production, German Trade Balance and Industrial Production.
Upcoming Economic Data Releases (London Session) prior expected
| 9/8/2009 | 5:45 | SZ | Unemployment Rate | AUG | 3.70% | 3.90% |
| 9/8/2009 | 5:45 | SZ | Unemployment Rate (sa) | AUG | 3.90% | 4.10% |
| 9/8/2009 | 6:00 | GE | Trade Balance | JUL | 12.2B | 11.3B |
| 9/8/2009 | 6:00 | GE | Current Account (EURO) | JUL | 13.3B | 10.0B |
| 9/8/2009 | 6:00 | GE | Imports SA (MoM) | JUL | 6.80% | 1.00% |
| 9/8/2009 | 6:00 | GE | Exports SA (MoM) | JUL | 7.00% | 1.20% |
| 9/8/2009 | 6:30 | FR | Bank of France Bus. Sentiment | AUG | 87 | - - |
| 9/8/2009 | 8:30 | UK | Industrial Production (MoM) | JUL | 0.50% | 0.20% |
| 9/8/2009 | 8:30 | UK | Industrial Production (YoY) | JUL | -11.10% | -10.10% |
| 9/8/2009 | 8:30 | UK | Manufacturing Production (MoM) | JUL | 0.40% | 0.30% |
| 9/8/2009 | 8:30 | UK | Manufacturing Production (YoY) | JUL | -11.70% | -11.10% |
| 9/8/2009 | 10:00 | GE | Industrial Prod. YoY (nsa wda) | JUL | -18.10% | -15.90% |
| 9/8/2009 | 10:00 | GE | Industrial Production MoM (sa) | JUL | -0.10% | 1.60% |
Published on Tue, Sep 8 2009, 05:36 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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