London SessionPublished: April 10, 2009 7:47 AM
The price action in the London session was extremely quiet as most markets are closed for the Easter holiday and volumes remain thin in FX land. The only noteworthy piece of economic data was French industrial production and it slipped -0.5% in February to an annual rate of -15.5% from -14.5% -- a new low since records began in 1981. This elicited little reaction however.
EUR/USD was up a modest 10 pips to 1.3140 after trading in a very narrow hi to low range of about 25 points. Traders ran through 1.3110/00 stops in Asia and called it a day it seems. The yen crosses barely budged, with USD/JPY sitting by 100.30 and EUR/JPY near 131.80 â€“ both also moving in about a 20/30 pip range here.
The price action remains near non-existent in early NY now but the low volume environment could still make for some "interesting" moves. No top-tier data or events to chew on in the session ahead and thus the technical levels will be in focus. If the London session was any indication, however, we wouldn't expect any major fireworks.
Upcoming Economic Data Releases (NY Session) prior expected
4/10 18:00 GMT US Monthly Budget Statement MAR -$48.2B -$160.0B