U.S. Session Recap – July 29, 2014

  • US pending home sales: -1.1% vs. 0.5% expected and 6.0% previous
  • US flash services PMI: 61.0 vs. 59.8 expected and 61.0 previous

The major currencies traded in tight ranges as investors prepared for the big week ahead.

Yesterday we saw the US’ pending home sales dropped by 1.1% in June instead of growing by 0.5% as markets had expected. Fortunately, the US flash services PMI also printed better-than-expected with a 61.0 index reading against the expected 59.8 figure.

The dollar didn’t gain much from the news reports. EUR/USD stayed in a tight range just below 1.3450 while USD/JPY barely moved from its spot at the 101.70 area. Even GBP/USD was capped at 1.7000 before ending the session at 1.6982.

The comdolls also didn’t get much action from the Greenback. AUD/USD and NZD/USD failed to sustain their upward momentum as the former hung around the .9400 MaPs while the latter barely moved from the .8550 MiPs throughout the US forex trading session. USD/CAD encountered some weakness though, and closed 16 pips lower than its open price at 1.8000.

Pay closer attention to your yen trades because we have a couple of reports out from the Land of the Rising Sun. Recent releases show that Japan’s annualized household spending has shown improvements but its unemployment rate and retail sales numbers came in below expectations.

Australia has also printed its HIA new home sales numbers and so far the Aussie has barely reacted. Still, keep your eyes on your Aussie and yen trades in case investors use the reports above to support an intraday trend!

See also:

London Session Recap

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