London Session Recap – December 5, 2013

  • BOJ to maintain stimulus until inflation reaches 2%
  • China bans financial companies from bitcoin transactions
  • George Osborne: UK’s 2013 GDP forecast raised from 1.8% to 2.4%
  • UK to introduce capital gains tax on foreign home buyers
  • Challenger job cuts slips in November
  • BOE keeps rates and asset purchases unchanged
  • ECB keeps rates unchanged at 0.25%

The forex market was in chopsville for most of the London session as a couple of reports sent the major currencies all over the charts. Interestingly, the pairs mostly stayed within wide ranges.

The session started off with the pound’s non-reaction to U.K. Chancellor George Osborne’s speech, where he mentioned higher growth rate and lower unemployment prospects. The pound also failed to get some lovin’ from the BOE rate decision as no statement was released after no changes were made.

What influenced the currencies then? Well, the pairs are staying on wide intraday ranges as of writing. Heck, even the comdolls aren’t showing clear direction. Perhaps Draghi’s press conference and the quarterly U.S. GDP report a 2:30 pm GMT will do the trick? With the NFP report less than a day away, traders are probably staying by the sidelines if not reducing their positions.

See also:

Asian Session Recap

U.S. Session Recap

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