U.S. Session Recap – Sept. 2, 2014

  • US and Canada out on Labor Day holiday
  • Ukraine changes tactics to prevent separatists’ advance
  • French 2-year bond yields fall below 0% for the first time

With US and Canadian markets out for the Labor Day holiday, it’s no surprise that we saw limited volatility during the US forex trading session.

EUR/USD continued to bleed from a weak manufacturing PMI, as it slipped by another 10 pips to 1.3131. A weak manufacturing PMI from the UK also weighed on GBP/USD, and dragged it by 6 pips to 1.6609.

A notable mover throughout the session was the Aussie, which was affected by a dip in gold prices. AUD/USD declined by 9 pips to .9332 while AUD/JPY also fell by 10 pips to 97.32.

Will we see more action from comdoll bulls and bears today? The next couple of hours will be big for the Aussie, as Australia is scheduled to print its building approvals, current account, and Reserve Bank of Australia (RBA) policy statement today. Reports printed minutes ago reveals that building approvals has risen by 2.5% (against 1.9% growth expectations) in July, but current account deficit has also risen from 7.8 billion AUD to 13.7 billion AUD.

The RBA is up next at 4:30 am GMT. Currency players aren’t expecting changes from the central bank, but keep a close eye on its statements to see if there are any clues to its short-term biases!

See also:

London Session Recap

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