FOREX VIDEO | NEW YORK SESSION REVIEW | March 4, 2009

While world financial markets saw a flood of economic data and policy developments from multiple major economies, only one country seemed to matter most. The February purchasing manager's index from China, released during the Asian session, was better than expected. That, and the prospect of another Chinese fiscal stimulus package, contributed to an increase in risk appetite that held through today's New York session. Selling of the U.S. dollar drove the rally on the EUR/USD, which saw its biggest bounce of the day during the final two hours of trading in London. Those traders who entered the long trade at a level identified with multiple sources of support, then exited at signs of London traders cashing out for the day, profited to the tune of 65 pips.

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