Today's Market Update - Asia Session

By @ibtimes on

Today's Asia session began in muted fashion following wild moves witnessed in the FX markets in NY.  However, the tone soon reversed, Aussie employment data coming significantly better than expected.  The data justified the RBA's surprise rate hike earlier this week in the near term and sent AUDUSD on a 80+ rocket higher from pre data levels, well over the .9000 handle, where the pair remained much of the session. 

Other risk correlated pairs reacted as well, with EURUSD seeing a +50 pip improvement and GBPUSD seeing a more moderate benefit on a weaker dollar.  XAUUSD continued to be a theme through the session, and the precious metals pierced even higher highs seen in NY.  The broke the 1050.00 level as the market's appetite continued not to wane. 

Ahead in the upcoming London session, we expect to see thin action ahead of two key rate decisions from Europe.  Both the BoE and ECB are scheduled to make unchanged announcements, but many will be looking to the ensuing statements for a hint of future direction. 

Upcoming Economic Data Releases (London Session)                 prior      expected

10/8/2009

6:30

FR

Bank of France Bus. Sentiment

SEP

89

91

10/8/2009

6:45

FR

Trade Balance (Euros)

AUG

-1.3B

-2.5B

10/8/2009

10:00

GE

Industrial Production MoM (sa)

AUG

-0.90%

1.80%

10/8/2009

10:00

GE

Industrial Prod. YoY (nsa wda)

AUG

-17.00%

-17.00%

10/8/2009

11:00

UK

BOE ANNOUNCES RATES

8-Oct

0.50%

0.50%

10/8/2009

11:00

UK

BOE Asset Purchase Target

OCT

175B

175B

10/8/2009

11:45

EC

ECB Announces Interest Rates

8-Oct

1.00%

1.00%

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