Asia Session

Market Session Recaps

With the situation in Japan looking worse and worse as time goes on and Japanese assets looking less attractive, USD/JPY peaked above 94.45 in late NY trading, but weakened into Asia where the pair wallowed in a slow 30 point range between 93.95 and 94.22 after a small wave of profit taking. Many investors believe that the days of Yen strength are gone, as the carry trade as all but dried up and the gloom over the island of Japan will carry over to its currency. EUR/JPY slid all session, dropping from early highs of 119.32 to levels of 118.30 near the bottom as Asian stocks were once again drubbed.

The Euro was back to levels of 24 hours ago after hitting highs of 1.2760 in the NY session. Hopes of a German rescue plan for embittered Eastern European banks helped push the EUR/USD from 1.2580 late in the session. The consensus on the street is now that the panic over eastern European banks floundering might have been a bit harsh.

Down under in Australia, RBA Governor Stevens tried to keep things upbeat, but the Aussie Dollar wasn't hearing any of it as it fell from levels north of 0.6480 to just under 0.6380 late in the session. Just yesterday, AUD/USD was trading at 0.6520ish.

Take a look below to be aware of the data due later in Europe, and have a nice weekend.

Upcoming Economic Data Releases (London Session):


2/20/2009	7:45	FR	CPI - EU Harmonised (MoM)	JAN	-0.30%	-0.40%
2/20/2009	7:45	FR	CPI - EU Harmonised (YoY)	JAN	1.20%	0.80%
2/20/2009	7:45	FR	CPI Ex Tobacco Index	JAN	117.63	117.05
2/20/2009	7:50	FR	Business Confidence Indicator	FEB	73	74
2/20/2009	7:50	FR	Production Outlook Indicator	FEB	-75	-72
2/20/2009	7:50	FR	Own-Company Production Outlook	FEB	-39	-39
2/20/2009	8:30	GE	PMI Manufacturing	FEB A	32	32.5
2/20/2009	8:30	GE	PMI Services	FEB A	45.2	45
2/20/2009	8:50	FR	PMI Manufacturing	FEB P	37.9	38.2
2/20/2009	8:50	FR	PMI Services	FEB P	42.6	42.8
2/20/2009	9:00	EC	PMI Manufacturing	FEB A	34.4	35
2/20/2009	9:00	EC	PMI Services	FEB A	42.2	42.5
2/20/2009	9:00	EC	PMI Composite	FEB A	38.3	38.5
2/20/2009	9:30	UK	Retail Sales (MoM)	JAN	1.60%	-0.10%
2/20/2009	9:30	UK	Retail Sales (YoY)	JAN	4.00%	2.10%

Published On Fri, Feb 20 2009, 07:13 GMT

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