- CA raw materials price index declines by 0.4% vs. 0.1% uptick last month
- CA industrial product price index down by 0.5% vs. 0.2% downtick last month
- US revised UoM consumer sentiment up from 82.2 to 82.5
- US revised UoM inflation expectations now at 3.1% vs. 3.0% previous
With no major report hitting the news wires last Friday, price action was limited among the major currencies.
The dollar took hits against its major counterparts as currency and equities traders focused on a bit of risk taking ahead of the weekend. Since no major U.S. data was released, investors probably still traded on Uncle Sam’s disappointing GDP and other data misses that we saw last week.
By the end of the trading session EUR/USD had gained 32 pips at 1.3648 while GBP/USD had jumped by 17 pips to 1.7040. USD/CHF also snuck in a 20-pip fall to .8911 while USD/JPY remained in a tight range just below the 101.50 handle.
Comdoll traders were also in the dollar bears’ party even though Canada had printed mixed low-tier reports. Continued expectations of rate hikes and higher inflation helped boost AUD/USD by 7 pips to the .9430 area, NZD/USD by 22 pips to .8781, and helped drag USD/CAD by a neat 34 pips to 1.0661.
Let’s see if we can get more volatility from the major currencies today. A couple of hours ago New Zealand had released a worse-than-expected building consents report, which was followed by slightly weak Australian MI inflation gauge and HIA new home sales numbers. Last but not the least, New Zealand’s ANZ business confidence had printed at 42.8 in June, down from its 53.5 reading in May. Will these reports weigh on the comdolls during the Asian forex trading session? Watch your comdoll trades closely!
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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!