U.S. Session Recap – June 3, 2014

  • US manufacturing PMI prints at 56.4 vs. 56.2 expected
  • US ISM manufacturing PMI settles at 55.4 vs. 55.5 expected and 54.9 previous

The Greenback started the U.S. trading session strong against its major counterparts as a bit of risk aversion hit the markets. Weak reports from the London session pushed the low-yielding currency higher against the pound, euro, yen, and the comdolls in the first hour of trading.

The U.S. ISM manufacturing PMI was a headliner for the day as it had to be revised THREE times before investors saw the final number. This caused a ruckus among major dollar pairs at the time but it was eventually considered dollar bullish with USD/JPY even testing the 102.50 area.

By the end of the session EUR/USD was down by almost 20 pips to just below 1.3600, GBP/USD was unchanged at 1.6746, USD/JPY was up 30 pips to 102.38, and USD/CHF was up by 13 pips to .8987.

Let’s see if the Asian session traders will extend the dollar’s gains with today’s reports. China is back in the markets with a slightly worse-than-expected HSBC manufacturing PMI.

Today’s also a big day for Australia with the retail sales report on tap at 1:30 am GMT, followed by the RBA’s monetary policy statement at 4:30 am GMT. Analysts aren’t expecting policy changes from the central bank but keep an eye out for changes to its biases!

See also:

London Session Recap

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