Pip Diddy

With a light calendar ahead & the holiday environment right around the corner, today’s GDP update from Canada & Sterling’s momentum is one of the few setups to watch. 

Despite a busy economic calendar, it looks like U.S. traders have already checked out for the holidays as uniform U.S. dollar price action was almost non-existent and choppy all week long.

Sterling was down in the dumps this week as hard Brexit fears returned with the move to limit Brexit negotiations beyond 2020.

The euro taken down by the odds of hard Brexit rising substantially this week, while the franc was a net winner despite a positive week for global risk sentiment and dovish comments from the Swiss National bank.

Mixed week for CAD as Canadian data also came in mixed, but overall closing the week net positive thanks to a spike higher in inflation data.

After an early round of weakness for the Kiwi was turned around after a better-than-expected GDP read from NZ, and broad global risk sentiment moving positive. 

The Aussie takes the crown against the major currencies this week after a positive turn on sentiment thanks to better-than-expected Australian jobs data. 

The Japanese yen finishes a very quiet week as a net loser, mostly influenced by counter currency flows and global risk sentiment. 

Most major currencies have already bounced higher against the U.S. dollar as news of Trump’s impeachment broke out, but it seems that European currencies have yet to catch up.

With a lack of top tier catalysts on the calendar this afternoon, we’re checking out the strong momentum in GBP/NZD for potential short-term setups.