U.S. Session Recap – Sept. 30, 2014

  • US core PCE price index: 0.1% vs. 0.1% previous
  • US personal spending: 0.5% vs. 0.4% expected, 0.0% previous
  • US pending home sales: -1.0% vs. -0.5% expected, 3.2% previous
  • GfK consumer confidence: -1.0% vs. 1.0% previous

Major currency pairs were in Chopsville during the US forex trading session, as traders were reluctant to take positions near the end of the quarter.

The dollar lost some ground against its counterparts thanks to broad weakness in US equities. A worse-than-expected US pending home sales report didn’t help either. Luckily for dollar bulls, forex price action soon stabilized and formed tight intraday ranges.

EUR/USD slipped by 15 pips to 1.2690 and GBP/USD dipped by 8 pips to 1.6245, and USD/JPY and USD/CHF both inched 11 pips higher to 109.46 and .9513 respectively.

Even comdoll bulls and bears took a breather during the US forex trading session. If you recall, the Kiwi and even the Aussie fell sharply during the Asian session after the RBNZ revealed that it had actively intervened in the currency markets. Still, NZD/USD only slipped by 6 pips to .7770 while AUD/USD fell by 14 pips to .8723. Heck, even EUR/NZD and NZD/JPY hardly moved from their session open prices throughout the session!

Will the comdoll selloff pick up again during the Asian session? We have a couple of comdoll-related events on our forex calendar today, including Japan’s household spending, retail sales, and industrial production numbers. New Zealand’s business confidence numbers were also printed a while ago, but Australia’s private sector credit report is scheduled to come out at 1:30 am GMT.

We’ll talk more about the details of these Asian session reports, but for now, watch your favorite currency pairs closely for any signs of end-of-quarter trade flows and any spillover effects from Hong Kong’s pro-democracy protests.

Good luck and good trading!

See also:

London Session Recap

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