Article Highlights

  • U.S. UoM consumer sentiment figure revised up to 84.1
  • U.S. flash services PMI at 54.2 vs. 56.2 estimate
  • Japanese retail sales up by 11.0% year-over-year in March
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Volatility, where you at?! Forex price action was relatively slow on Friday, as dollar pairs trudged along their current ranges. EUR/USD crawled close to the 1.3850 minor psychological mark while GBP/USD struggled to hold on to 1.6800. USD/JPY saw a bit more action as it tumbled to a low of 101.96 during the New York trading session.

U.S. data released last Friday came in mixed, with the flash services PMI printing a weaker than expected reading of 54.2 versus the estimate at 56.2 and the UoM consumer sentiment reading revised higher from 82.6 to 84.1. These barely had an impact on dollar direction though since the escalating tension in Ukraine led traders to be a little more careful with their forex positions.

Japanese retail sales data released over the weekend showed a 11.0% annual increase for the month of March, slightly stronger than the expected 10.9% growth and much higher than the previous 3.6% rise in consumer spending. This dashed hopes of further easing from the BOJ for now, providing a bit of support for the yen along with risk aversion.

There are no major reports lined up in today’s Asian trading session but this doesn’t mean that y’all can’t catch any pips in the next few hours! Make sure you keep close tabs on any updates that could affect overall market sentiment, as these could dictate currency direction in today’s trading. Good luck!

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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!