What’s on the Economic Horizon
FOMC statement due at 6:15 pm GMT
U.K. Services PMI to Slow to 52.6
Australia’s Building Approvals Predicted to Have Dropped by 6.6%
Oomph! The dollar took a few hits from its major counterparts yesterday despite the absence of economic reports in the U.S. Except for USD/JPY‘s 12-pip gain at 80.63, the cheddar lost 141 pips to the euro at 1.4034 and 122 pips to the franc at .9796.
Why hello there manufacturing PMI! Thanks to better-than-expected manufacturing PMI figures, the euro was able to post stellar gains over other major currencies. EUR/USD closed the day at 1.4034, almost 150 pips higher from its Asian session price. Meanwhile, EUR/JPY ended the day with a 141 pip win at 113.33.
The pound was hustlin’ early during yesterday’s trading as it tapped its intraday high at 1.6081, before the dollar made a comeback like the McDonald’s McRib sandwhich. Duhn, duhn, duhn! GBP/USD then hit rock-bottom at 1.5962, ending the day at 1.6041 with a puny 5-pip win for the pound.
Dude, where did the yen’s mojo go? Yesterday, the Asian currency lost against most of its major counterparts with USD/JPY closing 12 pips higher at 80.63 and EUR/JPY hustling to a high of 113.48 before ending the day at 113.15, punching a 130-pip loss for the yen. Ouch!
Despite the lack of economic data from Canada, the Loonie was still able to remain well-bought yesterday and rally against the Greenback. USD/CAD ended the day at 1.0091, almost 70 pips lower from its Asian session price.
Kaboom! The Reserve Bank of Australia dropped another surprise bomb on the markets yesterday when it unexpectedly increased its interest rates. This rocketed AUD/USD to an intraday high of 1.0024, a high not seen since the Aussie dollar was floated in 1983. Heck, that was back when Mark Hamill was struttin’ his stuff as Luke Skywalker in Star Wars: Episode VI – Return of the Jedi!
The Kiwi joined its com-doll homies in kicking the dollar’s hiney on the charts yesterday thanks to good ole risk appetite. Rawr! Picking up where it left off on Monday, NZD/USD soared to an intraday high of .7742 before landing 43 pips higher at the day’s close at .7715.
“And that’s how it’s done yo!” The franc was swaggering in the pip charts yesterday as it gained on its major counterparts despite the lack of economic reports in the land of the Swiss Alps. USD/CHF dropped sharply by 122 pips at .9796, while EUR/CHF plunged to an intraday low of 1.3748 before it ended the day 32 pips lower at 1.3748.