New York Session - August 5, 2009 4:45 PM

Currencies experienced another see-saw session in NY trading, as disappointing data in the morning led to a slide in riskier assets, only to see most of the declines erased in the afternoon as risk sentiment regrouped. The morning kicked off with a weaker than forecast ADP July national employment report that showed -371K jobs were lost instead of the -350K consensus forecast, which was better than the prior -463K in June (revised from -473K). 10 a.m. data saw an unexpected drop in the July ISM services index to 46.4 from June’s 47.0 when an improvement to 48.0 had been expected, but this was partially offset by a +0.4% gain in June factory orders instead of the expected -0.8% decline. Full text »