Pipcrawler

We’ve held onto this trade for a while, and obviously it hasn’t done much in the past few days especially with the lack of data today. So, we will close this trade at 1.6240 for a small 10 pip profit and move on to the next opportunity.

As the market expected, there was no rate hike from the ECB this morning, but there were a few changes in Trichet’s speech afterwards. We saw the return of “strong viligance” and other hawkish rhetoric such as the “ECB still needs to act in a firm and timely manner.”

There just wasn’t much action, especially with the mix of positive and negative US reports. Nonfarm productivity rose, while Unit Labor Costs and Consumer Credit came out weaker. So, it’s almost near the end of the trading session and

Our long position in EUR/CHF ran up as high as 1.6117 before dropping in during the afternoon US trading session on Swissy strength. As per trade rules, I closed our position at 1.6095 for a miniscule -5 pip loss on half our normal position size.

Our first short order triggered during the Euro trading session and reached profitability for +30 pips. Our second trade order was triggered as well. Stochastics look to be in the oversold area, so with the current market price at .6815 I will close

Final pip count for January…

Consumer confidence was released with a reading of 96.9, below the consensus of about 98.0. We also got the Factory Orders number coming in at 2.4% versus the consensus of 1.9%. So, mixed numbers at 10:00 am EST, which means we probably won’t see much movement for the rest of the day.

As expected, Dollar sentiment continued to be bullish in USD/JPY, but instead of retracing after the strong move down to 120.50, it continue south as low as 120.10. We just saw the ISM Manufacturing Index numbers out at 49.3, which was expected after all of the regional surveys came out lower than expected as well.

Our half position in GBPUSD was stopped out at -40 pips as we just saw weaker Chicago PMI numbers at 48.8 versus consensus of 52.0 and weaker monthly construction spending at -0.4%. This was another tough loss since we were actually up approximately

It’s been a snoozer of a day for USD/CHF as the pair remained in a 40 pip range since the beginning of the Euro session. Consumer Confidence report came out pretty much inline at 110.3 versus the consensus of 110.0 So, basically no surprise, which means no volatility. We will