U.S. Session Forex Recap – May 15, 2015

  • US PPI: -0.4% vs. 0.1% expected, 0.2% previous
  • US core PPI: -0.2% vs. 0.1% expected, 0.2% previous
  • US initial jobless claims: 264K vs. 273K expected, 265K previous
  • CA new house price index: 0.0% vs. 0.2% expected and previous
  • Greece Finance Minister Varoufakis wants Greece’s debt payments to the ECB pushed back
  • Draghi: QE to be implemented “as long as needed”
  • Japan PPI out at 3:40 am GMT, followed by consumer confidence data at 5:00 am GMT

Thin trading conditions and a lack of major market movers sent forex traders in different directions during the U.S. session.

The dollar gained a few pips on some of its counterparts after the initial jobless claims report showed better-than-expected results.

USD/JPY fell to a session low of 118.95 before popping back up to 119.17 while USD/CHF rose to a high of .9169 before settling with a 39-pip gain to .9128.

Dollar trading against European currencies wasn’t clear either. Draghi’s speech about fully implementing QE “as long as needed” weighed on the currency but EUR/USD eventually found support at the 1.1400 and closed at 1.1409. Meanwhile, the pound’s intraday gains stalled during the U.S. session with GBP/USD hitting resistance just above 1.5800 before closing at 1.5773.

Comdoll bears also got busy despite the lack of any major comdoll catalyst. AUD/USD slipped by 22 pips (-0.27%) throughout the session while NZD/USD inched 9 pips lower (-0.12%) to .7504 after showing gains in the previous sessions. Meanwhile, a weakness in oil prices sent USD/CAD 50 pips higher (+0.42%) to 1.1997.

Let’s see if Asian session forex traders are up to the task of boosting volatility. There aren’t any major news on tap, but Japan is set to release its PPI at 3:40 am GMT, followed by a consumer confidence report at 5:00 am GMT. BOJ’s Kuroda is also set to hit the stage at around 4:00 am GMT, so keep an eye out for any clues on the BOJ’s policy plans.

Good luck!

See also:

London Session Recap

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