U.S. Session Forex Recap – Nov. 17, 2014

  • CA manufacturing sales up by 2.1% vs. 1.0% uptick expected, 3.5% decline previous
  • US retail sales up by 0.3% vs. 0.2% uptick expected, 0.3% decline previous
  • US core retail sales rises by 0.3% vs. 0.2% uptick expected, 0.0% growth last month
  • US import prices down by 1.3% in October vs. 1.5% decline expected, 0.6% decline previous
  • US UoM consumer sentiment clocks in at 89.4 vs. 87.5 reading expected, 86.9 reading last month
  • US business inventories up by 0.3% vs. 0.2% uptick expected, 0.1% growth previous

Risk-taking was the name of the game during the U.S. forex trading session, as investors priced in positive economic reports and a rally in commodity prices.

The Greenback started the session on the green side of the charts, thanks to Uncle Sam printing a better-than-expected retail sales report. USD/JPY shot up to 116.83 and EUR/USD had fallen to an intraday low of 1.2398 at the news release.

Unfortunately for dollar bulls, those were the best levels they’ll see all day. Not only were major dollar pairs hit by end-of-week profit-taking, but investors had also decided to price in the positive reports that they saw in the earlier trading sessions. Of course, it also didn’t help that the rally in yen crosses persisted thanks to rumors that Japan would delay another round of sales tax hike.

EUR/USD went back up to reach a 1.2547 intraday high, while USD/JPY fell back to its 116.28 closing price. Even GBP/USD rose to 19 pips at 1.5672 while USD/CHF crashed below its .9625 support and closed at .9590.

Even comdoll bulls were in on the dollar-selling party. Aside from benefiting from more yen weakness, risk-taking also pushed gold prices $28 higher to $1,191 while Brent crude oil shot up to above the $78 per barrel mark after hitting new four-year lows earlier in the week.

AUD/USD recovered from an intraday low of .8648 and closed at .8760, while NZD/USD closed 53 pips higher than its open price at .7914. The Loonie also hustled some currency bull muscle, as USD/CAD fell by 109 pips to 1.1277. Yowza!

Japan and New Zealand have just released their quarterly GDP readings, and based on today’s price action, it looks like we’re in for more volatility. USD/JPY is already making headlines by hitting 117.00, but keep close tabs in case the dollar bears decide to step in. No other major reports are scheduled during the Asian forex trading session, so watch your JPY and NZD trades closely for any intraday trade opportunities!

See also:

London Session Recap

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