Pip Diddy

Today’s Asian session trading turned out pretty well for the Aussie and Kiwi, which took advantage of positive reports, not-so-dovish central bank insights, and a positive Chinese PMI release.

Dollar bulls were in a pretty good mood during the New York session on stronger hopes that tax reform could see more positive developments in the days ahead.

GBP got a major bullish infusion near the end when comments from MEPS boosted hopes that Brexit talks will progress. Meanwhile, CHF was feeling a bit under the weather because of the risk-on vibes.

There were a couple of economic reports printed during the Asian session, but traders mostly focused on headlines over the weekend.

Pound domination was easily the main theme this week. So, what drove the pound higher this week? And what about the other currencies, what drove their price action? Time to find out!

EUR & GBP were both down and out for the count during the session. And while the risk-off vibes gave JPY and CHF a boost, the two safe-haven currencies weren’t the top dogs since both lost out to the higher-yielding NZD.

Price action was a snoozefest for the major currencies, except for the pound which struggled at key resistance areas and the Canadian dollar which was still supported by OPEC’s output deal extension.

The spotlight was still on tax reform in the U.S. as the Senate moved closer to voting on their version of the bill, but a few more happenings in Washington also influenced dollar price action.

Directional movement was in short supply today, resulting in choppy price action for most pairs. Even so, NZD was clearly higher against its peers while CHF was on the losing end, likely because of the risk-on vibes.

The Greenback managed to chalk up some gains against most of its counterparts as the Senate version of the bill advanced, but the currency was still on shaky footing.