U.S. Session Recap – June 4, 2014

  • US factory orders up by 0.7% vs. 0.5% growth expected
  • US IBD consumer optimism clocks in at 47.7 vs. 46.8 expected
  • Fonterra’s global dairy prices drops by 4.2%
  • AU AIG services PMI prints at 49.9 vs. 48.6 last month
  • AU quarterly GDP to rise by 0.9%?

The major currencies were all over the charts yesterday as traders reign in their bets ahead of this week’s most anticipated reports.

The euro continued to pare some of its losses ahead of the ECB’s monetary policy announcement with EUR/USD reaching 1.3650 before leveling off to its 1.3620 intraday support while EUR/GBP tipped to a high of .8150 before ranging at its .8130 support.

USD/JPY also made notable moves as the Asian markets closed on a positive note and the U.S. Treasury yields inched higher for a fourth day in a row. The pair shot up from 102.30 and closed somewhere near 102.50. The other yen pairs followed suit with EUR/JPY rising by 30 pips to 139.70 and GBP/JPY closing at 171.70, 26 pips from its Asian session open price.

Our last but definitely not the least mover was the Kiwi, which took a hit on the back of giant dairy company Fonterra’s drop in global dairy prices. Both NZD/USD and NZD/JPY dropped 40 pips from its session open price before closing at .8428 and 86.42 respectively while AUD/NZD shot up by pips to 1.0990. Yikes!

Today could be another busy day for the comdolls with Australia scheduled to print its quarterly GDP report at 1:30 am GMT. Market players are expecting a 0.90% growth from the previous quarter’s 0.80% uptick, but keep an eye out in case it misses its expectations.

Good luck!

See also:

London Session Recap

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