Pip Diddy

Dollar domination and a bit of risk aversion pushed higher-yielding currencies lower at the start of the Asian session, but profit-taking soon ensued as forex traders brace for France’s Presidential elections this weekend.

Dollar bulls charged back into the markets today after U.S. Treasury Secretary Steven Mnuchin hinted that a “major tax reform” will be announced “very soon.”

The Kiwi was the best-performing currency of the earlier Asian session. However, the Kiwi had a reversal of fortune during the morning London session, and ended up at the bottom of the heap.

Except for the Kiwi which was boosted by a strong inflation data, the major currencies were mostly stuck in tight ranges during the Asian forex trading session.

The pound and the Loonie got the short end of the stick during the U.S. session after an MP vote failed to boost the former while sharp drops in oil prices dragged the latter lower.

The pound was still the rising star of today’s London session. However, compared to yesterday’s monster moves, the pound’s star power ain’t as bright. As for the other currencies, they mostly had mixed and choppy price action. Although the Aussie and the yen were exceptions.

Profit-taking was the name of the game during the Asian session, as forex players brace themselves for another round of potentially volatile European and U.S. sessions.

The Canadian and U.S. Dollars lost steam during the U.S. session after weak economic reports and overall risk aversion weakened their demand while a strong dairy auction boosted the New Zealand dollar.

No data? No problem! The pound was the star of today’s morning London session, thanks to Theresa May’s surprise call for early elections. Meanwhile, the Loonie tracked the slide in oil prices and ended up as the worst-performing currency of the session.

The Aussie lost pips against its major counterparts after the RBA’s meeting minutes painted a gloomier picture than the initial policy statement suggested.