Pip Diddy

Despite seeing mostly downbeat U.S. data, the Greenback managed to chalk up some gains against a few rivals while the Aussie and Kiwi staged a strong rebound.

Slow start to May’s European FX trading due to bank holidays, but we did get some currency price action with the Aussie and Kiwi extending its session gains!

Downbeat data printed from China over the weekend led to a weak start for the Aussie and Kiwi but risk appetite eventually allowed them to recover.

You probably already know that the euro performed very well this week, but did you also know that the pound did well and that the Kiwi and yen got crushed? Whoa! Four currencies were in play this week? Anyhow, what drove price action on these currencies? And how did the other currencies fare this week?

Volatility in European currencies stepped up thanks to a heavy round of economic data, as well as comments from SNB Chairman Thomas Jordan.

U.S. President Trump seems to be having a temper tantrum, as he threw shade on several trade partners and warned about a major conflict with North Korea, taking the spotlight away from the Japanese data dump.

ECB Governor Draghi continued to hog the spotlight during the New York session as his dovish tone on inflation forced the euro to return its recent gains.

Volatility was a bit subdued during today’s morning London session, likely because traders are waiting for the ECB’s presser. Even so, there was enough action to keep the session interesting since pound and Kiwi pairs were on the move.

The BOJ’s monetary policy decision was the most closely-watched event for the session. So why was the Loonie the biggest mover?

The Trump administration unveiled its highly-anticipated tax reform plan yet dollar pairs ended the session mostly unchanged and U.S. stock indices closed in the red.