Pip Diddy

With not a lot of data on the docket, Asian session forex traders stayed in the sidelines as they waited for the U.S. House to vote on the tax bill.

Wall Street traders are in a good mood as everyone and his momma are optimistic about the final tax bill vote this week. 

There wasn’t much in the docket, but a few themes were clearly playing out, particularly GBP’s strength, JPY’s broad-based recovery, and the Kiwi’s tumble after climbing higher during the earlier Asian session.

Risk-taking was the name of the game during the Asian session, as optimism over a successful tax bill and a lack of fresh catalysts pushed higher-yielding assets higher.

There were top-tier events for GBP, EUR, and USD. However, NZD and AUD stole the show since the two dominated their peers, with NZD being the stronger of the two. So, what drove price action this week? Read on and find out!

There wasn’t much on the docket. Even so, there was action to be had since EUR caught a bid while GBP took a pounding ahead of the Euro Summit and then got whupped some more when Brexit talks were cleared for Phase 2.

The Greenback continued to bleed pips as a hurdle in the GOP’s tax reform concerned market players. Meanwhile, Kiwi jumped higher on a reassurance from NZ’s FinMin.

The dollar had a mixed performance for the session even with upbeat retail sales, and it was the euro that found clear direction during the ECB presser.

The SNB, BOE, and ECB announced their monetary policy decisions during the session, but price action was disappointingly underwhelming since EUR was range-bound, GBP had two-way action. CHF had clear directional movement at least.

The Aussie was king of pips in today’s forex trading session, as traders cheered strong job numbers from Australia.