- US durable goods orders up by 0.80% vs. 0.70% decline expected
- US core durable goods up by 0.1% vs. 2.9% previous
- S&P house price index rises by 12.37% vs. 12.86% last month
- CB consumer confidence clocks in at 83.0 vs. 81.7 index reading last month
- Draghi says the ECB “will do everything within its mandate”
See-saw trading was the name of the game as the major currency pairs reversed their moves halfway through the U.S. forex trading session.
The U.S. session traders started their day by buying the Greenback against its major counterparts. Anticipation for ECB stimulus weighed on the euro with EUR/USD dropping 30 pips below 1.3645 two hours into the session. GBP/USD also took a hit 40-pip hit and dropped below the 1.6800 support on the back of weak U.K. housing data.
Even the comdolls joined the pro-dollar bandwagon as AUD/USD dropped 20 pips below .9250 on significant gold weakness. NZD/USD mimicked AUD/USD as it also slipped from .8550 to .8530 two hours into the session. The Loonie took a bigger hit with USD/CAD popping from 1.0840 to 1.0873 after Uncle Sam printed its economic reports.
Fortunately for the dollar’s counterparts, the Greenback bulls weren’t in the mood for sustained price action. The major currency pairs reversed some or most of their early U.S. session moves as the lukewarm price action on U.S. bond yields failed to attract more dollar bulls.
Let’s see if today’s Asian session traders will pick up the momentum. Today we’ll be seeing Australia’s monthly MI leading index and quarterly construction work reports, as well as New Zealand’s ANZ business confidence numbers. BOJ’s Kuroda has also made speeches early today, but early reports show no new statements from the central banker. Watch out for any news that might affect risk sentiment today!
Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.
Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!