Asia Session Recap

Daily Forex Fundamentals | Written by Forex.com | Sep 25 08 05:50 GMT |

The US Dollar weakened in Asian trading on fears that the US $700 Billion Rescue Plan would be held up, or watered down in a partisan Congress intent mostly on finger pointing and showboating. Even President Bush flooded the airwaves with dire warnings of a financial system break down if the bill was not passed, however, the word is that most American's are siding against the bailout and as well pressuring their congressional leaders to do likewise. The Dollar suffered on uncertainty as EUR/USD was bid for the better part of the night, starting from lows of just above 1.4600, the pair peaked out at 1.4732, but looked to have more ammunition for the upcoming session. EUR/JPY buying played into the equation as that pair traveled from a155.15 low to a 155.95 high over the course of the session. As of this writing, EUR/JPY looks to break through the 156.00 level at any moment. USD/JPY lost some ground in thin trading as traders seemed to fear being caught on the wrong side of any announcement or rumor. The dollar slid from 106.30 to 105.74 against the Yen as Asia seemed reluctant to purchase Dollars. All eyes will be focused on Rescue Plan and how it looks to be fairing in Congress, as of right now, this is the only game in town….. Upcoming Economic Data Releases (London Session) 25-30 SEP UK Nat'wide House prices sa (MoM) SEP -1.90% -1.80% 25-30 SEP UK Nat'wide House prices nsa(YoY) SEP -10.50% -12.80% 9/25/2008 6:10 GE GfK Consumer Confidence Survey OCT 1.5 1.5 9/25/2008 8:00 EC Euro-Zone M3 s.a. (YoY) AUG 9.30% 9.10% 9/25/2008 8:00 EC Euro-Zone M3 s.a. 3 mth ave. AUG 9.60% 9.30% Forex.com http://www.forex.com DISCLAIMER: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.