Pip Diddy

The bloodletting continued during today’s morning London session, so forex traders flocked to the safe-haven yen once more. The higher-yielding comdolls were surprisingly strong, however, while the euro and the pound were mixed.

I’m seeing red! Thanks to a lack of economic releases, Asian session forex traders simply extended the economic themes from the U.S. session.

The Greenback left its forex peers eating dust, thanks to the return of U.S. traders who brought risk-off vibes along with them.

Risk aversion persisted so the comdolls were on the back foot while the safe-havens were on the offensive. The pound, meanwhile, was kicked lower while the euro got an early boost that allowed it to close the session on a high note.

Risk appetite took a turn during the Asian forex trading session despite the release of relatively better-than-expected economic reports. What’s up with that?!

Dollar pairs were also enjoying the Fourth of July holiday, cruising mostly sideways along the forex charts while U.S. traders were out watching the fireworks.

Volatility dried up during Monday’s morning London session, so price action was a bit choppy, with some pairs trading sideways and closing flat. The comdolls were clearly being supported, however, likely because of the continuing climb in commodity prices.

It was a good day to be a comdoll bull, as the currencies were boosted by increases in commodity prices. Here’s what’s up in the forex scene.

Another round of pounding for the pound was the main theme this week, but we also got Swissy and yen weakness as secondary themes as well as demand for the comdolls. So, what drove forex price action this week?

Risk aversion ran away after a short stint yesterday, so the higher-yielding comdolls were in play during today’s morning London session. As for the pound, it was trading mostly sideways while the euro was mostly on the up and up.