Asia Session – February 18, 2009 1:41 AM

by Trader Rich

The Euro hit early 10 week lows in Asia today as news that the S&P and Moody’s may downgrade Euro Zone banks with exposure to Eastern Europe debt as well as the suspect banks in Eastern Europe. As well, many traders looked to today’s upcoming earnings releases from ING and Commerzbank to be the herald of more bad news, to the tune of about billion Euros of losses. The EUR/USD hit an early low within the first hours of trading, touching 1.2558 as stops were triggered. The pair was bid from those levels with profit taking and talk of options below. EUR/USD tapped highs near 1.2612, but failed to break out from that area until early London, where I just saw the pair go 15 bid. EUR/JPY was in a range between 115.95 and 116.38 for the Asia session, but looked to break out early in London as well. Full text »

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