Pip Diddy

There were no economic reports from Uncle Sam as traders were off enjoying the Memorial Day holiday while Draghi’s speech weighed on euro pairs a bit.

Not much in terms of economic reports or market-moving news during today’s morning London session. As such, trading conditions were a bit tight during the session. Even so, it wasn’t a complete snooze fest since the euro and the Swissy got steadily bid higher while the Kiwi got jumped by buyers near the end.

With not a lot of catalysts during the Asian session, forex traders concentrated on weekend headlines instead.

The pound got whupped hard this week while the Kiwi just shrugged off the commodities rout and prevalence of risk aversion to emerge as the one currency to rule them all this week. So, what was driving forex price action? And how did the other currencies fare?

Not much on the docket for today’s morning London session. Even so, there was price action aplenty since forex traders just continued the themes from the earlier session. As such, the yen grew even stronger while the pound got kicked even lower.

Forex price action was a mixed bag of nuts during the Asian session, as low-yielders like the dollar and yen gained pips while the pound and comdolls took hits.

The lack of top-tier data or market-moving headlines in the New York session kept traders reeling from the catalysts earlier in the day, namely the U.K. GDP revision and OPEC decision.

Lots of action in today’s morning London session, with the pound getting slapped lower after the U.K.’s Q1 GDP got downgraded and the Loonie getting dragged down by slumping oil prices. The Loonie was the weakest currency of the session, though.

With not a lot of major data on the docket, forex traders paid close attention to the yuan’s movements. Meanwhile, NZD saw a buy-the-rumor, sell-the-news scenario after an optimistic budget report release.

The FOMC minutes cast some doubts on a June interest rate hike due to the slowdown in Q1 while the BOC whistled a more upbeat tune during their policy statement.