London Session Recap – December 9, 2013

  • Swiss retail sales 1.2% vs. 1.7% expected
  • German trade balance at 16.8B EUR vs. 17.4B EUR expected
  • German industrial production -1.2% vs. 0.8% expected

The forex market was in chopsville for most of the London session as a couple of reports sent the major currencies all over the charts. Interestingly, the pairs mostly stayed within wide ranges.

The Greenback kicked off the London session on a weak note, but major currency pairs such as EUR/USD, GBP/USD, and the comdolls eventually settled into intraday ranges. Even the yen crosses remained experienced subdued volatility despite the China-induced risk appetite during the Asian session.

Germany’s weaker-than-expected reports did nothing to dampen the mood of the euro bulls as the common currency peaked to the 1.3730 area at the London session open. Ditto for the pound, which didn’t have to react to any U.K. economic report.

Will the tides change for the currencies during the U.S. session? At 6:15 pm GMT we’ll hear from BOE Governor Mark Carney, which will be followed by FOMC member James Bullard at 7:05 pm GMT. Let’s see if these central bankers are in the mood to jawbone today!

See also:

Asian Session Recap

U.S. Session Recap

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