Article Highlights

  • New Zealand credit card spending up 6.7% in Oct
  • ECB Governor Draghi set to give testimony
  • U.K. public sector borrowing data due
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No data? No problem! Major currencies still made a few good moves in the past few trading hours, as forex traders booked profits ahead of the weekend. USD/JPY is down 0.16% so far, as price is testing support at the 118.00 handle, as Prime Minister Shinzo Abe officially dissolved parliament and set the snap election for December 14.

EUR/CHF popped slightly higher after days of tight consolidation, as more and more sources report that the SNB is gearing up to defend the floor at 1.2000 with “utmost determination.” The pair is trading around 1.2020 as of this writing, up by 0.05%.

In New Zealand, credit card spending reportedly surged 6.7% in October, far better than the previous month’s 4.5% rise. NZD/USD is up 0.17% and AUD/USD is holding on to a 0.12% gain.

Up ahead, the forex calendar suggests that things might get more exciting for the euro and the pound in the next few hours, with the U.K. public sector borrowing data due and a speech by ECB Governor Draghi scheduled for 9:00 am GMT. The U.K. public deficit is expected to shrink from 11.1 billion GBP to 6.9 billion GBP, which would reflect improving government finances and might be positive for the pound. Do watch out for any dovish remarks from Draghi, which could lead to last-minute losses for the euro before the week comes to a close!

U.S. Session Recap

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis. Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!