- US durable goods orders: -1.4% vs. 0.2% expected, 2.0% previous
- US core durable goods orders: -0.4% vs. 0.2% expected, -0.7% previous
- US EIA crude oil inventories: 8170K vs. 4912K expected
The dollar gained a few pips on its counterparts, as forex traders priced in a mix of dollar weakness and a bit of risk aversion.
Uncle Sam’s reports didn’t help the dollar much yesterday. With the headline and core durable goods orders reports missing market expectations, forex bulls are in no hurry to go back to pricing in a possible Fed rate hike this year. Luckily for the bulls, major dollar pairs encountered technical resistance throughout the session.
EUR/USD bounced from its intraweek high and capped the session 20 pips lower (-0.18%) to 1.0970 while GBP/USD also hit a ceiling at 1.4954 before closing at 1.4881. Meanwhile, USD/CHF inched 33 pips higher (+0.35%) to .9597.
It wasn’t all stars and rainbows for other high-yielding currencies either. For one thing, Saudi Arabia launching air strikes in Yemen sparked talks of a possible escalation in hostilities and kept risk-taking in check. Heck, not even gains in commodity prices were enough to lift the major comdoll pairs!
AUD/USD fell by 34 pips (-0.43%) to .7844 despite an uptick in gold prices. Ditto for the Loonie, which dropped by 11 pips (-0.09%) to 1.2518 even though oil prices saw a slight increase.
Will we see more choppy trading today? Asian session forex traders don’t have much to look forward to with hardly any economic data scheduled for release. This could mean more opportunities for risk appetite to rule price action, so make sure you watch your trades closely for any signs of significant movement.
Bonnie and Clyde, peanut butter and jelly, Kanye West and Kanye West. Some things just go well together.
Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!