Article Highlights

  • CA retail sales down by 0.1% vs. 0.3% uptick expected
  • CA core retail sales up by 0.1% vs. 0.3% uptick expected
  • US initial jobless claims at 326K vs. 310K estimates and 298K previous
  • US flash manufacturing PMI clocks in at 56.2 vs. 55.5 expected
  • US existing home sales prints at 4.65M vs. 4.69M expected
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The Greenback launched a triple roundhouse kicked against its counterparts yesterday as effects of the positive Chinese PMI and strong Nikkei performance waned and the U.S. bond yields inched higher.

The mixed U.S. data didn’t rain on the dollar bulls’ parade as the EUR/USD fell by around 30 pips in the first hours of the U.S. trading session while GBP/USD slipped by as much as 20 pips despite a decent revised GDP reading. USD/JPY also recovered by around 30 pips above 101.50 while USD/CHF showed inched 20 pips higher.

AUD/USD and NZD/USD were also invited to the dollar-buying party as they both fell by at least 20 pips in the early U.S. session trading.

The wildcard among the major currency pairs was USD/CAD, which dropped by 30 pips despite a disappointing Canadian retail sales report. In fact, the Loonie also gained around 50 pips on the yen and almost 100 pips on the euro and the pound. What’s up with that?!

Only China’s CB leading index report at 2:00 am GMT is scheduled for release today so keep an eye out for possible continuation of yesterday’s moves. Also watch out for any significant Nikkei action as it could dictate market sentiment for the rest of the Asian trading session.

Good luck!

See also:

London Session Recap

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

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