The US Dollar showed some life in Asia as it made some modest gains against the Euro, which earlier in the US skyrocketed to highs just short of 1.3800. As Asia began trading the EUR/USD pair was near 1.3719, and subsequently lost ground as the session progressed. The pair hit a low of 1.3631 before leveling out near 1.3650.
Today the Dollar looked good versus the Pound and Swissy as well. The UK cut rates as expected last night by 0.50% and the GBP/USD pair rose on the data, today however saw those gains erased as the pair dropped from 1.5248 to lows of 1.5165 before bouncing back 30 pips. The .50% cut was considered relatively tame in light of recent moves by other central banks, but the 1.50% current rate is in fact the lowest in the UK since 1694. EUR/GBP drifted lower from .9011 to just near 0.8985. USD/CHF stared the session near the 1.0924 lows and topped out close to 1.0970.
USD/JPY made some wacky moves, but ultimately ended up where it started, in the 91.15 neighborhood, after making visits to 91.57 highs and 91.09 lows.
The London session is loaded with data today, including German Industrial Production, and Retail Sales, French Trade Balance and Industrial Production and Euro Zone Retail Sales.
The big data however will be in the US as NFP is slated for 13:30 GMT and a loss of 495K is expected. Have a good weekend.
Upcoming Economic Data Releases (London Session):
| 1/9/2009 | 7:00 | GE | Retail Sales (MoM) | NOV | -1.60% | 0.40% |
| 1/9/2009 | 7:00 | GE | Retail Sales (YoY) | NOV | -1.50% | -0.10% |
| 1/9/2009 | 7:45 | FR | Industrial Production (MoM) | NOV | -2.70% | -0.80% |
| 1/9/2009 | 7:45 | FR | Industrial Production (YoY) | NOV | -7.20% | -5.80% |
| 1/9/2009 | 7:45 | FR | Manufacturing Production (MoM) | NOV | -3.20% | -0.40% |
| 1/9/2009 | 7:45 | FR | Manufacturing Production (YoY) | NOV | -8.40% | -6.60% |
| 1/9/2009 | 7:45 | FR | Trade Balance (Euros) | NOV | -7.1B | -6.5B |
| 1/9/2009 | 9:30 | UK | PPI Input NSA (MoM) | DEC | -3.30% | -2.00% |
| 1/9/2009 | 9:30 | UK | PPI Input NSA (YoY) | DEC | 7.50% | 3.10% |
| 1/9/2009 | 9:30 | UK | PPI Output n.s.a. (MoM) | DEC | -0.70% | -0.60% |
| 1/9/2009 | 9:30 | UK | PPI Output n.s.a. (YoY) | DEC | 5.10% | 4.00% |
| 1/9/2009 | 9:30 | UK | PPI Output Core NSA (MoM) | DEC | 0.20% | -0.20% |
| 1/9/2009 | 9:30 | UK | PPI Output Core NSA (YoY) | DEC | 5.10% | 4.70% |
| 1/9/2009 | 9:30 | UK | Industrial Production (MoM) | NOV | -1.70% | -0.60% |
| 1/9/2009 | 9:30 | UK | Industrial Production (YoY) | NOV | -5.20% | -5.30% |
| 1/9/2009 | 9:30 | UK | Manufacturing Production (MoM) | NOV | -1.40% | -0.60% |
| 1/9/2009 | 9:30 | UK | Manufacturing Production (YoY) | NOV | -4.90% | -5.30% |
| 1/9/2009 | 10:00 | EC | Euro-Zone Retail Sales (MoM) | NOV | -0.80% | -0.10% |
| 1/9/2009 | 10:00 | EC | Euro-Zone Retail Sales (YoY) | NOV | -2.10% | -1.60% |
| 1/9/2009 | 11:00 | GE | Industrial Prod. YoY (nsa wda) | NOV | -3.80% | -5.50% |
| 1/9/2009 | 11:00 | GE | Industrial Production MoM (sa) | NOV | -2.10% | -2.00% |
