The US Dollar was stepped on today by the Euro, Pound, Aussie Dollar and Kiwi Dollar in what amounted to a day of choppy trading. EUR/USD began the session at the lows of 1.2579 and took off from there, hitting just over 1.2700 as Europe began the trade day. It is questionable how long the pair can sustain the highs in lieu of the ECB putting the kibosh on any further stimulus in the Euro Zone. GBP/USD saw the bottom pickers come in and swoop up the pair from 1.3759 to just less than 1.3850 in Asian trade. EUR/GBP was calm around the 0.9150's most of the session, but blasted off to 0.9210 in early London trade. AUD/USD made up from yesterday's losses with a 1% gain as it cruised from 0.6305 to touch 0.6400. NZD/USD danced to the same tune, moving from an early print of 0.4913 to reach 0.4981 by the end of the session.
The Yen lost some luster as investors look at the situation in Japan as bleak, and the USD/JPY pair skipped from 98.73 lows to near 99.10 before falling back near 98.90.
Many traders were looking for direction in these fickle markets, and with the lack of any news or data, many just waited it out and plotted their future moves. Some vital data later in Europe to look out for including some German data early on and the all volatile UK industrial production at 9:30 GMT.
Upcoming Economic Data Releases (London Session):
| 3/10/2009 | 7:00 | GE | Consumer Price Index (MoM) | FEB F | -0.50% | 0.60% |
| 3/10/2009 | 7:00 | GE | Consumer Price Index (YoY) | FEB F | 0.90% | 1.00% |
| 3/10/2009 | 7:00 | GE | Trade Balance | JAN | 6.9B | 9.5B |
| 3/10/2009 | 7:00 | GE | Current Account (EURO) | JAN | 12.3B | 9.2B |
| 3/10/2009 | 7:00 | GE | CPI - EU Harmonised (MoM) | FEB F | 0.70% | 0.70% |
| 3/10/2009 | 7:00 | GE | Imports SA (MoM) | JAN | -4.10% | -3.50% |
| 3/10/2009 | 7:00 | GE | CPI - EU Harmonised (YoY) | FEB F | 1.00% | 1.00% |
| 3/10/2009 | 7:00 | GE | Exports SA (MoM) | JAN | -3.70% | -4.00% |
| 3/10/2009 | 7:45 | FR | Industrial Production (MoM) | JAN | -1.80% | -0.60% |
| 3/10/2009 | 7:45 | FR | Industrial Production (YoY) | JAN | -11.10% | -11.90% |
| 3/10/2009 | 7:45 | FR | Manufacturing Production (MoM) | JAN | -2.80% | -1.30% |
| 3/10/2009 | 7:45 | FR | Manufacturing Production (YoY) | JAN | -14.00% | -15.60% |
| 3/10/2009 | 7:45 | FR | Trade Balance (Euros) | JAN | -2.5B | -3.0B |
| 3/10/2009 | 7:45 | FR | Central Govt. Balance (Euros) | JAN | -56.5B | - - |
| 3/10/2009 | 8:30 | EC | EU Finance Ministers Hold Meeting | 10-Mar | ||
| 3/10/2009 | 9:00 | GE | ECB's Weber Speaks at Bundesbank Annual Press Conference | 10-Mar | ||
| 3/10/2009 | 9:30 | UK | Industrial Production (MoM) | JAN | -1.70% | -1.20% |
| 3/10/2009 | 9:30 | UK | Industrial Production (YoY) | JAN | -9.40% | -9.90% |
| 3/10/2009 | 9:30 | UK | Manufacturing Production (MoM) | JAN | -2.20% | -1.40% |
| 3/10/2009 | 9:30 | UK | Manufacturing Production (YoY) | JAN | -10.20% | -11.70% |
