Pip Diddy

Europe is starting the new trading week with some rather subdued and choppy price action. The euro and the Aussie did have some decent moves, though, with the euro advancing against its peers while the Aussie retreated.

Risk sentiment was a mixed bag of nuts ahead of Trump’s speech this week, but that didn’t stop the Aussie from gaining a few pips on its counterparts. Here’s what you missed during the Asian session!

Another week of yen domination was the main theme this week. Aside from that, broad-based euro weakness was also a major theme. So, what was driving forex price action on these currencies? And how did the other currencies perform this week?

Forex traders were apparently taking cues from the risk-off vibes during today’s morning London session, since the higher-yielding Aussie and Kiwi got torpedoed. Meanwhile, the safe-haven yen and Swissy were in high demand.

Ho hum. It was a directionless trading session for forex traders, as a lack of fresh catalysts inspired market players to cherry pick their positions.

Dollar bears were at it again as the “Trumphoria” started to fade on U.S. Treasury Secretary Mnuchin’s remarks. Pound bulls, on the other hand, continued to charge.

Price action was rather choppy during the session, with many pairs milling about in tight ranges. The Greenback did get kicked broadly lower late into the session, though. The safe-haven yen, meanwhile, was well-supported throughout the session.

A lack of economic catalysts turned forex players’ attention to Australia’s CAPEX report and the Fed’s latest meeting minutes. Which currency do you think was the biggest mover during the session?

Rally and reverse! The U.S. dollar was off to a good start but was unable to hold on to its lead when the FOMC minutes didn’t seem all that hawkish.

Plenty of action in today’s morning London session, with the pound slammed by poor data, the Aussie weighed down by crumbling commodity prices, and lower bond yields, as well as safe-haven flows, fueling demand for the yen.