U.S. Session Recap – May 12, 2014

  • CA loses 28,900 jobs in April vs. +13,500 expected and +42,900 previous
  • CA unemployment rate stays at 6.9%
  • CA participation rate slips from 66.2% to a 12-year low of 66.1%
  • UK NIESR GDP estimate registers at 1.0% vs. 0.8% expected
  • US JOLTS job openings prints at 4.01M vs. 4.13M previous
  • Japan current account surplus narrows more than forecast

The Greenback continued to gain against its counterparts last Friday as a lack of major market-movers inspired traders to carry on with the London session trends.

EUR/USD lost another 30 pips while GBP/USD and USD/CHF showed USD strength to the tune of 20 pips.

The Loonie wasn’t as lucky though. Canada printed a surprisingly weak employment report, which reminded investors that the Bank of Canada (BOC) hasn’t put a rate cut out of the table. USD/CAD had popped up by 85 pips in the first two hours after the report’s release before it finished the day on a tight range.

Will this week’s economic reports support more dollar strength? Over the next couple of days we’ll see tier 1 reports such as the U.S. retail sales, China’s industrial production, the RBNZ’s financial stability report, and even speeches by central bank governors.

In today’s Asian session trading we only have Australia’s NAB business confidence report at 1:30 am GMT and Japan’s economy watcher’s survey at 5:00 am GMT. These reports don’t usually affect the currencies’ price action for long but keep an eye out for possible intraday trades!

See also:

London 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!