The Dollar finally caught a break after what was a long and arduous week for the US currency. With no real data on the docket for the remainder of the week many traders seemed to take some positions off and book profits as they sold higher yielding assets much to the pleasure of any left long the greenback. EUR/USD opened at session highs north of 1.4740 but lost its footing down to 1.4695 before clawing back to 1.4720 levels. GBP/USD dropped almost a handle to 1.6356 to record a weekly low and EUR/GBP hit a four month high just shy of 0.9000. The pound took a hit as news that the parameters of the terms of insurer Lloyds departure from government protection of its credit were steeper than earlier believed.
The yen was steady to end the week, with no real reaction to Asian equity losses to the tune of 1%. The Yen crosses were range bound and for the most part net flat on the day with the exception of GBP/JPY which dropped almost a full big figure from 150.00 as it was dragged down by sterling weakness. The Aussie and Kiwi were victims of profit takers as well, dropping in tune with other commodities. Spot Gold weakened from NY highs of $1024.00 to a $1010.00 low in Asia. The precious metal looked to end the week in Asia closer to the $1014.00 level as the day wound down.
With no real data to finish the week in the US, it would be wise to look ahead to next week and be aware of the fact that Japan will be out on Holiday until Thursday. Have a nice weekend.
Upcoming Economic Data Releases (London Session) prior expected
| 9/18/2009 | 2:00 | GE | Producer Prices (MoM) | AUG | -1.50% | 0.20% |
| 9/18/2009 | 2:00 | GE | Producer Prices (YoY) | AUG | -7.80% | -7.20% |
| 9/18/2009 | 2:45 | FR | Wages (QoQ) | 2Q F | 0.40% | 0.40% |
| 9/18/2009 | 4:00 | EC | ECB Euro-Zone Current Account SA | JUL | -5.3B | - - |
| 9/18/2009 | 4:00 | EC | Euro-Zone Current Account nsa | JUL | -0.3B | - - |
| 9/18/2009 | 4:30 | UK | Public Finances (PSNCR) | AUG | 0.2B | 14.5B |
| 9/18/2009 | 4:30 | UK | Public Sector Net Borrowing | AUG | 8.0B | 17.6B |
| 9/18/2009 | 4:30 | UK | M4 Money Supply (MoM) | AUG P | 1.50% | 0.80% |
| 9/18/2009 | 4:30 | UK | M4 Money Supply (YoY) | AUG P | 14.50% | 13.80% |
| 9/18/2009 | 4:30 | UK | Bank of England Releases Trends in Lending Report | 18-Sep |
