Pip Diddy

Dollar pairs held on to their ranges as U.S. markets were closed for the holiday while sterling is feeling the jitters ahead of U.K. Prime Minister May’s speech.

The pound was in recovery mode during today’s morning London session. The euro, meanwhile, spent the session by continuing to edge lower.

The pound started the week on the wrong side of the charts, as it gapped lower across the board following speculations that the U.K. is in for a “hard” Brexit.

This week was another week of pound bashing, as well as another good week for the Aussie and the Kiwi. So, what was driving forex price action on these currencies? And how did the other currencies fare?

There was volatility aplenty today. However, directional movement was limited, with choppy or two-way price action on many pairs. The Greenback was broadly weak, though, while the Aussie was broadly in retreat, likely because of the commodities rout.

Forex price action was a mixed bag of beans, as Asian session players priced in China’s weak trade data and the dollar’s slight recovery across the board.

All eyes and ears were on the FOMC members who gave speeches supporting three rate hikes this year, resulting to a few gains for the Greenback.

Greenback weakness persisted during today’s morning London session. And the Greenback’s slide apparently helped to fuel demand for commodities, which then allowed the comdolls to shrug off the risk-off vibes.

The Greenback continued to drop across the board after Trump’s first presser as President-elect failed to provide details market players were looking for.

And so it begins. The Donald stepped up to the podium for his first press conference and wreaked havoc on U.S. stocks and the dollar.