The US Dollar gained back some ground on the Euro in early Asian trading as investors looked to buy dollars that looked a bit too cheap after US employment losses sent the Dollar reeling. The EUR/USD slid from early session highs of 1.3670 to where the Dollar topped out at 1.3558 before later Euro buying pushed the pair back near 1.3620 territory. This week the erratic EUR/USD has been from 1.3312 to near 1.3960 in spirited trading.
USD/JPY was trading mixed all session as it bounced from 92.90 to 92.46 with no clear direction. The strengthening of the Yen has stalled near 92.50 after a nice move from 94.64ish yesterday. Against the Euro, the Yen was grinding along sideways between 126.46 and 125.77 after nice gains from 128.50ish earlier this week. Asian equities looked to erase 2009 gains today as equity markets followed the lead of the US.
The AUD/USD continued its drop from a recent multi-month high of 0.7240 as it touched bottom at 0.7025 this session in step with the 12% drop in crude and other commodities globally.
We have a very busy day in London trading with German Trade Balance, Current Account and Factory Orders, Swiss CPI and Employment, and Euro Zone Employment and GDP.
The BoE rate decision will round out the session at 12:00GMT where the general consensus is that the UK's central bank cuts rates by 0.50% to 1.50%.
Upcoming Economic Data Releases (London Session):
| 1/8/2009 | 6:45 | SZ | CPI (MoM) | DEC | -0.70% | -0.50% |
| 1/8/2009 | 6:45 | SZ | CPI (YoY) | DEC | 1.50% | 0.90% |
| 1/8/2009 | 6:45 | SZ | Unemployment Rate | DEC | 2.70% | 2.90% |
| 1/8/2009 | 6:45 | SZ | Unemployment Rate (sa) | DEC | 2.70% | 2.80% |
| 1/8/2009 | 7:00 | GE | Trade Balance | NOV | 16.4B | - - |
| 1/8/2009 | 7:00 | GE | Current Account (EURO) | NOV | 15.0B | - - |
| 1/8/2009 | 7:00 | GE | Imports SA (MoM) | NOV | -3.50% | - - |
| 1/8/2009 | 7:00 | GE | Exports SA (MoM) | NOV | -0.50% | - - |
| 1/8/2009 | 10:00 | EC | Euro-Zone Unemployment Rate | NOV | 7.70% | 7.80% |
| 1/8/2009 | 10:00 | EC | Euro-Zone GDP s.a. (QoQ) | 3Q F | -0.20% | -0.20% |
| 1/8/2009 | 10:00 | EC | Euro-Zone GDP s.a. (YoY) | 3Q F | 0.60% | 0.60% |
| 1/8/2009 | 10:00 | EC | Euro-Zone Household Cons (QoQ) | 3Q F | 0.00% | - - |
| 1/8/2009 | 10:00 | EC | Euro-Zone Gross Fix Cap (QoQ) | 3Q F | -0.60% | - - |
| 1/8/2009 | 10:00 | EC | Business Climate Indicator | DEC | -2.14 | -2.8 |
| 1/8/2009 | 10:00 | EC | Euro-Zone Govt Expend (QoQ) | 3Q F | 0.80% | - - |
| 1/8/2009 | 10:00 | EC | Euro-Zone Consumer Confidence | DEC | 25 | -26 |
| 1/8/2009 | 10:00 | EC | Euro-Zone Economic Confidence | DEC | 74.9 | 72 |
| 1/8/2009 | 10:00 | EC | Euro-Zone Indust. Confidence | DEC | -25 | -30 |
| 1/8/2009 | 10:00 | EC | Euro-Zone Services Confidence | DEC | -12 | -13 |
| 1/8/2009 | 11:00 | GE | Factory Orders MoM (sa) | NOV | -6.10% | -1.60% |
| 1/8/2009 | 11:00 | GE | Factory Orders YoY (nsa) | NOV | -17.30% | -19.70% |
| 1/8/2009 | 12:00 | UK | BOE ANNOUNCES RATES | 8-Jan | 2.00% | 1.50% |
