- Lack of major reports led to tight trading volatility
- Gold and oil lost some ground
Forex trading volatility was as tight as Cyclopip’s pants, as a lack of catalysts kept volatility hunters in the sidelines. Here’s what you should know about today’s Asian session!
Losses for gold and oil – With no major and minor news report on tap, forex traders turned their focus on commodities. Gold attracted some attention when it fell by as much as $15 in early Asian session and tested the $1,231.00 levels. Analysts point to technical and possible profit-taking after two months of strong rallies.
Oil also slipped (heh) due to the American Petroleum Institute (API) reporting another record high for U.S. crude stockpiles after rising by 8.8 million barrels last week. U.S. crude oil fell by 1.25% to $40.93 while Brent crude dropped by 1.01% to $41.37.
Tight trading conditions – Only the euro zone’s ZEW economic expectations report is expected to be printed over the next couple of hours, so keep your eyes on risk sentiment for possible trade opportunities. If you’re not into news trading though, then you might want to read Dr. Pipslow’s tips on addressing trading boredom!
Major Currency Movers:
AUD – The Aussie bears paid attention to gold’s price action and slipped a bit across the board. AUD/USD lost 7 pips (-0.09%) while AUD/JPY slipped to 85.63 after hitting an intraday high of 85.88.
CAD – The oil-related Loonie caught some bearish vibes from oil prices and lost a few pips against its counterparts. USD/CAD popped up by 48 pips (+0.37%) while CAD/JPY fell by 24 pips (-0.28%).
- 10:00 am GMT: Euro Zone ZEW economic expectations
- 12:40 pm GMT: German BuBa President Weidmann to give a speech at the Liechtenstein Finance Forum
Bonnie and Clyde, peanut butter and jelly, Kanye West and Kanye West. Some things just go well together.
Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!