London Session Recap – February 17, 2014

  • ECB’s Nowotny speaks in London
  • Euro-Area FinMins meet in Brussels
  • U.S. on holiday for Presidents Day

The London session was void of any economic data today, which means sentiment from today’s Asia session and the global markets were some of the main drivers for the currency market the morning.

Asian equity markets closed higher on the day: the Nikkei was up +0.56% to 14,393.11 and the Hong Kong Hang Seng closed up +1.07% to 22,463.40.  European markets are mostly up as well with the FTSE 100 Index up +1.09% to 6,663.62.  This positive, risk-on sentiment played out in the Japanese yen pairs as we see USD/JPY higher by +0.15% to just under 102.00

The British pound did pull back from its big spike higher to open the week with Cable now down -17 pips (-0.11%) to about 1.6725, as well as being down against the Aussie, Loonie and euro since the day’s open.  The Greenback is broadly up on the session with the U.S. Dollar Index up around +0.08%

For the rest of the Monday session, it’s a U.S. national holiday to observe Presidents Day.  With U.S. traders on holiday,  this means we’ll most likely see quieter price action and lower liquidity conditions, but an increase in probability for volatility spikes after the London session close.

See also:

Asian Session Recap

U.S. Session Recap

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

 Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!