U.S. Session Recap
- U.S. building permits 1.03M in October vs. 0.94M expected
- U.S. S&P house price index 13.3% vs. 13.0% expected
- U.S. Richmond manufacturing index at 13 vs. 1 last October
- U.S. CB consumer confidence falls from 72.4 to 70.4 in November
- New Zealand trade balance shows 168M NZD deficit vs. 216M NZD deficit in October
The Greenback was the biggest loser of the U.S. session as the U.S. consumer confidence report surprisingly fell for a third month in a row. Not only that, but some traders have also started to unwind their long USD positions ahead of the Thanksgiving holidays. Luckily, the upside surprise in the building permits report was able to limit the dollar’s losses.
The higher-yielding currencies also enjoyed some gains on the back of overall Greenback weakness. EUR/USD found support at the 1.3522 area before it jumped above 1.3550 while GBP/USD found a bottom just below the 1.6140 handle. Even the comdolls staged an intraday mini rally as AUD/USD, USD/CAD, and NZD/USD encountered technical support and resistance levels.
A couple of hours ago New Zealand released a better-than-expected trade balance report, which was followed by an upside surprise in Australia’s quarterly report on construction work done. Will these be enough to lift the comdolls throughout the Asian session? There are no other reports on deck until the London session open, so keep close tabs on any news that might turn risk sentiment around.
Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.
Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!