London Session Recap – December 3, 2013

  • U.K. construction PMI expands at its fastest pace in six years in October
  • Spanish unemployment falls by 2.5K vs. 50K uptick expected
  • USD, yen crosses take hits across the board

The dollar continued to lose pips against its counterparts as the lack of market-moving reports inspired profit-taking ahead of the NFP report on Friday. EUR/USD popped above 1.3550 while a better-than-expected U.K. construction PMI pushed Cable back above 1.6400.

The dollar also weakened against its other counterparts. AUD/USD, USD/CAD, and NZD/USD were boosted by risk appetite from the Asian markets. Meanwhile, USD/JPY encountered profit-taking at the 103.25 area and stop losses were hit around 102.80.

Let’s see if the dollar bulls will step up their efforts during the U.S. session. Only the IBD/TIPP economic optimism report at 4:00 pm GMT is expected for today, so traders will most likely look at technical levels and the performance of equities for direction. Watch your trades closely, 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.

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