U.S. Session Recap – March 24, 2014

  • CA annualized CPI at 1.2% vs. 1.1% expected
  • CA retail sales prints at 1.3% vs. 0.7% expected
  • Fed members Fisher and Stein support new guidance; Kocherlakota wants a lower jobless rate threshold

The dollar didn’t end the week on a positive note as it failed to extend its gains against most of its counterparts. It weakened against the comdolls with AUD/USD and NZD/USD popping up by around 40 pips while European pairs like EUR/USD and GBP/USD ranged tightly in the last hours of Friday’s trading.

The Greenback also didn’t have much luck with the yen after a weakness in U.S. equities and bond yields weighed on the pair. Heck, the yen crosses were even affected as we saw uniform losses in EUR/JPY, GBP/JPY, and AUD/JPY.

Probably the biggest gainer in the group was the Loonie, which traded on positive Canadian data. Early in the week remarks by Poloz about the possibility of a rate cut got the investors’ attention on Canada’s inflation. Imagine their surprise when the monthly data came in at 0.8% from last month’s 0.3% reading!

Today the spotlight is on China’s HSBC manufacturing PMI, which had just printed at 48.1 when analysts had been expecting a 48.7 reading. Keep your eyes peeled on how investors will react to the news for the rest of the Asian session!

See also:

London Session Recap

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