London Session Update – November 29, 2013

  • EZ CPI report weakens arguments for more ECB rate cuts
  • EZ unemployment rate slips from its record highs
  • UK net individual lending at 1.7B GBP vs. 2.1B expected
  • UK mortgage approvals at 68K as expected
  • Canadian GDP grows by 0.3% vs. 0.1% expected

Are traders too busy watching Black Friday reports or what? The London session was a big snoozeville as the major currency pairs stuck to trading in tight ranges. The 1.3620 area kept a tight lid on the euro’s gains despite some positive euro zone reports while GBP pairs moved also showed limited price action. Heck, even USD/JPY got stuck in 102.30 after hitting a high at 102.60 in early London trading!

This doesn’t mean that we didn’t get any newsworthy data though. Aside from the euro zone unemployment rate inching lower for the first time since 2011, news about Greece also made the newswires. Word on the hood is that Troika representatives have canceled a visit to Athens on speculations that they haven’t met their bailout conditions yet. Yikes!

Let’s see if we get some last-minute action from the major currencies. We don’t have any other reports on deck, so whoever are still trading out there might just play around with intraday support and resistance levels.

Good luck and enjoy your weekend, kids!

See also:

Asian Session Recap

U.S. Session Recap

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!