U.S. Session Recap – August 12, 2014

  • CA housing starts: 200K vs. 193K expected and 199K previous
  • BRC retail sales monitor: -0.3% vs. 0.9% growth expected and 0.8% decline last month
  • AU NAB business confidence and house price index on tap

Currency price action was muted during the US forex trading session as a lack of major reports limited volatility.

The dollar slowly ticked higher against its counterparts and erased some of last Friday’s losses. EUR/USD slipped by another 7 pips to 1.3385 while USD/JPY climbed to its 102.19 intraday high. USD/CHF also traded near its intraday highs while AUD/USD and NZD/USD remained near their intraday lows.

Loonie bulls also did a great job at erasing last Friday’s losses. If you recall, the comdoll suffered across the board after Canada released a surprisingly weaker-than-expected jobs data. Thanks to a strong housing starts reading, USD/CAD fell by 42 pips to 1.0920, EUR/CAD dropped by 65 pips to 1.4616, and CAD/JPY popped by 41 pips to 93.59. Yowza!

At 1:30 am GMT we’ll see Australia’s NAB business confidence and house price index reports. The former printed a reading of 8 last month, while the latter is expected to show a 1.0% growth after rising by 1.7% last month. Then, at 4:30 am GMT Japan will release its industrial production numbers. We’re unlikely to see significant volatility from the report, especially since it’s a revision of the initial reading.

In any case, keep your eyes on the reports above in case Asian session traders decide to draw volatility from them.

See also:

London Session Recap

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