London Session Presented By SigmaForex

Poor economic data results out of the Euro-zone helped the buck extend gains against the common currency. German wholesale prices fell -1.8% in August after jumping 1.4% the prior month, while the unemployment rate there rose to 7.3% in June from 6.6% previously. Adding to the employment woes, French nonfarm payroll growth was revised down to -0.2% from -0.1% for 2Q. Thus the lower inflation coupled with slowing economic activity story continues to play out in the Euro-zone.

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If this trend continues, the ECB will be hard pressed to keep pounding then table on inflation and thus be left without a justification to leave rates high. We still believe the next move by the ECB is likely to be lower. And for anyone expecting a rebound in Euro-zone growth in 3Q, the ECB's Papademos came out overnight noting that the risk of a decline in economic growth in the third quarter cannot be excluded.

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EUR/USD managed to slip below the 1.39 mark but closed the session roughly -20 pips lower near the 1.3945 mark. GBP/USD was roughly unchanged in London trading, closing near 1.7505 as the lack of any news made for rather lackluster price action. USD/CAD traded mostly sideways, making a high near 1.0770 before closing near 1.0740 as oil prices remained under pressure, with the $100 mark still very much within striking distance.