- BOJ’s Kuroda doesn’t think yen weakness is a minus for the economy
- BOJ’s Kuroda sees no monetary policy changes in the near future
- CA new housing price index flat at 0.0% vs. 0.2% expected and previous
- US initial jobless claims up by 315K vs. 300K expected, 304K previous
- US Fed budget balance prints 128.7 billion USD deficit vs. 130 billion USD deficit expected
The Greenback was pushed back from the limelight in yesterday’s US forex trading session, as currency traders paid attention to other major economies.
It’s not that the dollar had limited price action. In fact, a divergence in monetary policies continued to push USD/JPY to new multi-month highs at 107.21 before closing 9 pips higher than its 107.05 session open price.
One of the bigger market movers was the pound, which found support from a growing number of surveys hinting that Scotland will remain with the UK after all. GBP/USD might have slipped by 30 pips to 1.6220, but GBP/AUD shot up by 9 pips to 1.7843 while GBP/CAD rose by 21 pips to 1.7920.
Forex bears also got busy with comdoll trading despite better-than-expected economic data. A housing report from Canada came in weak, but the miss wasn’t enough to explain the Loonie’s drop across the board. USD/CAD jumped by 34 pips to 1.1048 throughout the session, while CAD/JPY fell by 22 pips to 96.97 and EUR/CAD rocketed by 36 pips to 1.4271.
Meanwhile, a strong employment report from Australia wasn’t enough to break the bears’ momentum with AUD/USD sliding by another 21 pips to .9091. Yikes!
Our forex calendar doesn’t have a lot of major reports scheduled during the Asian forex trading session, so you might want to pay attention to risk sentiment instead. If you really want to trade the news though, then you can wait for Japan’s industrial production and capacity utilization reports at 4:30 am GMT.
Good luck and good trading!
Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. So me things just go well together.
Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!