Market News

Not much in terms of events or news during today’s morning London session. Still, the euro and the pound did find a lot of buyers. The Greenback, meanwhile, was clearly feeling some bearish pressure.

With more than a few central banks shrugging off stronger inflation in favor of looking at jobs numbers, I figure it’s time to take another look at recent employment reports. Here’s a quick rundown!

Today’s Asian session was rather subdued, with most currency pairs bound in tight ranges for the duration of the session. The only noticeable movers were the Kiwi and the Aussie, with the former showing some weakness while the latter showed signs of strength.

After getting beaten up by its peers in the previous trading sessions, the U.S. dollar was able to get back on its feet thanks to a couple of strong data points and the latest round of developments in Washington.

The pound ruled all during today’s morning London session, thanks to a better-than-expected retail sales report. The pound did have a harder time against the yen and the Swissy, though, likely because of renewed demand for the two safe-havens, given the persistent risk-off vibes.

The yen has been mostly weaker since mid-April despite the prevalence of risk aversion and plenty of risk events. However, the yen began to stabilize last week and even staged a major rally this week. So, has the yen finally regained its mojo? And why did the yen lose its mojo in the first place?

The Aussie just shrugged off the persistent risk-off vibes during the session, apparently because traders were more focused on Australia’s jobs report. The yen, meanwhile, stopped its advance despite Japan’s better-than-expected GDP report and another round of risk aversion.

Risk aversion kicked into high gear but the U.S. dollar failed to benefit as the spotlight is still on Trump’s intelligence information leak to Russia.

Oil prices settled at a two-week high on Wednesday after U.S crude inventories declined for the sixth straight week.

The yen rose to its highest in two weeks and the Swiss franc hit a seven-week high against the U.S. dollar.

The pound spurted higher during today’s morning London session, thanks to an upbeat jobs report. Meanwhile, the downbeat mood from the earlier Asian session got carried over into the European session and took its toll on the higher-yielding Aussie and Kiwi.

Howdy, forex friends! Canada’s got a couple of top-tier catalysts scheduled for release this Friday. So if you’re looking to pillage some quick pips from the Loonie before the week ends, then you better read up, eh?

The Aussie was already showing weakness early on. However, the Aussie got another beat-down when Australia released a couple of poor economic reports. Meanwhile, the risk-off vibes gave the safe-havens Swissy and yen a bullish boost.

The dollar was back on the losers’ table even as its other lower-yielding peers were able to benefit from risk-off flows. What’s up with that?!

The euro and the Swissy battled for supremacy during the morning London session, with the euro ultimately coming out on top. The pound tried to join the bullish race as well when the U.K.’s CPI report got released. However, the pound quickly got overran by sellers and ended mostly lower.

Heads up, forex traders! Australia is set to print its labour market numbers for the month of April. Are you ready to trade the event?

Price action was rather choppy during today’s Asian session, with many currency pairs locked in tight ranges. AUD, NZD, and JPY were exceptions, though, since JPY managed to score wins against all its peers. Meanwhile. NZD and AUD both initially climbed higher before retreating later.

And the latest COT report, reveals that positioning activity was mixed as usual, since the Greenback took large chunks of ground from the Aussie and the Loonie while losing bigly against the pound and the euro. Also, large players became net long on the euro for the first time since early May 2014.

Loonie bulls are banking on an actual OPEC agreement to extend their output deal as Russia expressed its support for a nine-month extension.

Not much on the docket for today’s morning London session, so the themes from the earlier Asian session continued to play out, with the comdolls extending their gains and the yen retreating further.