London Session Recap

Daily Forex Fundamentals | Written by Forex.com | Dec 22 08 13:20 GMT |

The buck rallied some in London trading as weak economic data from across the pond helped support the greenback. Eurozone industrial new orders plunged a sharper than expected -4.7% in October on the heels of a -5.4% decline the previous month. German GfK consumer confidence also disappointed with at 2.1 read for January and is unchanged from the December read. EUR/USD plunged more than -80 pips and was sitting near 1.3970/80 as the break below 1.40 saw losses accelerate a touch. GBP/USD, meanwhile, was crushed more than -150 points towards 1.4770/80 just ahead of the NY session start. Equity markets remained mixed though Europe is collectively about -1.0% lower while Asia closed a little better than that but in negative terrain nonetheless. Stocks in the US are expected to increase a modest +0.5% at this time though the expected thin trading environment should see some volatile moves. The yen crosses were mixed in London despite the overall weakness in stocks. EUR/JPY slipped more than -60 points to 125.60/70 though USD/JPY was supported by the buck’s strength and rose a modest 10 pips into the 89.90/95 zone. Upcoming Economic Data Releases (NY Session) 12/22 21:45GMT 3Q NZ GDP QoQ -0.20% -0.50% 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.