U.S. Session Forex Recap – May 12, 2015

  • US labor market conditions: -1.9%, last month’s data revised from -0.3% to -1.8%
  • US employment trends index: 128.22 vs. 127.7 previous
  • US labor participation rate up from 62.7% to 62.8%
  • Greece could get partial disbursements in exchange for partial policy implementation
  • AU home loans report due today

With no major data out from the U.S., forex traders continued to price in trends from the earlier trading sessions.

Dollar price action was mixed, thanks to headlines from other economies making more waves in the forex market. USD/JPY only inched by 20 pips (+0.17%) to 120.11 while USD/CHF lollygagged just below the .9350 area.

The euro stabilized a bit despite a lack of solid deals between Greece and the euro zone officials. Later in the day we heard from Eurogroup Chairman Dijsselbloem, who said that Greece could get partial aid disbursement in exchange for partial policy implementations. Unfortunately, it did little to support the common currency.

EUR/USD stabilized just below 1.1150 while EUR/JPY inched 32 pips higher to 133.94. The biggest mover is EUR/GBP, which fell by 43 pips to .7153.

Unlike the euro, the pound extended its London session trend. Thanks to U.S. traders pricing in the U.K.’s favorable election results and the BOE’s decision to not change any of its policies, the pound rose across the board.

GBP/USD rose by another 109 pips (+0.70%) to 1.5590 while GBP/JPY saw a 161-pip increase (+0.87%) to 187.26. GBP/NZD, the biggest mover during the London session, rocketed by another 275 pips (+1.31%) to 2.1238.

Comdoll traders weren’t as decisive as European currency traders. Heck, not even slight weaknesses in commodity prices were enough to entice some forex bears to attack. The Aussie, Loonie, and Kiwi all ranged tightly against the Greenback with AUD/USD staying near the .7890 area, USD/CAD falling to a low of 1.2065 before closing back at 1.2109, and NZD/USD staying around the .7850 area.

Asian session comdoll traders have Australia’s home loans data at 1:30 am GMT to look forward to today. The report is expected to show a 1.1% increase after last month’s 1.2% uptick. The report has missed expectations in two out of the last three months though, so keep an eye out for any significant hits or misses that might influence comdoll trading over the next couple of hours.

Good luck!

See also:

London Session Recap

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