London Session Recap

Daily Forex Fundamentals | Written by Forex.com | Dec 10 08 13:28 GMT |

The price action was relatively mild in London as another dovish batch of economic data from across the pond helped the buck catch a modest bid. Inflation in the Euro-zone continues to look less threatening as German wholesale prices plunged by a steeper than expected -3.3% in November. Economic activity also continued to turn lower as French industrial production for October came in a paltry -2.7% after a prior -0.8% print. European bourses still managed to eke out a modest gain thus far, in the face of the poor data. EUR/USD slipped -30 pips and was sitting near 1.2950 ahead of the NY open. The 1.30 mark still looms as a good barrier to upside and we would expect a break through 1.3010 to usher in good strength here. The yen crosses saw little price action as USD/JPY rose a modest 15 pips towards 92.60/70 while EUR/JPY was about -5 points lower and near the 120.00/10 area. GBP/USD was up an uninspiring 10 pips to 1.4820/30 while USD/CAD managed to add about 15 points towards the 1.2570/80 zone. Upcoming Economic Data Releases (NY Session) Prior Estimate 12/10 8:30 3Q CA Labor Productivity QoQ -0.20% 0.20% 12/10 10:00 OCT US Wholesale Inventories -0.10% -0.20% 12/10 10:00 10-Dec US Kashkari Testifies About Tarp Oversight 12/10 10:35 5-Dec US DOE U.S. Crude Oil Inventories -456K 1300K 12/10 10:35 5-Dec US DOE U.S. Gasoline Inventories -1534K -400K 12/10 13:15 10-Dec GE ECB's Stark Speaking in Tuebingen 12/10 14:00 NOV US Monthly Budget Statement -$98.2B -$171.0B 12/10 16:30 NOV NZ Business NZ PMI 43.5 - - 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.