- US GDP revised from 4.2% to 4.6% in Q2 2014
- US revised UoM consumer sentiment: 84.6 vs. 84.8 expected, 84.6 previous
- US core PCE final reading: 2 vs. 2 expected and previous
The dollar dominated last Friday’s US forex trading session, as traders priced in a positive report from Uncle Sam.
US GDP was revised higher from 4.2% to 4.6% in Q2 2014 thanks to an uptick in investments. With major forex pairs stuck in tight ranges for most of the day, it didn’t take a lot to motivate Greenback bulls into jumping back in.
EUR/USD slumped by 49 pips to 1.2683, USD/JPY jumped by another 19 pips to 109.29, and USD/CHF rose by 33 pips to .9517. Heck, even GBP/USD saw a 62-pip slide to 1.6244!
Comdolls like the Aussie, Loonie, and Kiwi were also caught up in the dollar-buying frenzy. In fact, NZD/USD and even AUD/USD slipped by 33 and 27 pips respectively, as some traders continued to react to RBNZ jawboning. Meanwhile, the Loonie just plain reacted to dollar strength as USD/CAD jumped by 47 pips to 1.1156. Yipes!
Asian forex trading session traders don’t have a lot to look forward to with no economic data on tap, but keep an eye out for possible extension of last Friday’s moves among the major forex pairs. Watch those comdoll pairs closely, will ya?
Good luck and good trading, folks!
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!