- US JOLTS job openings up at 4.64M vs. 4.53M expected and 4.46M previous
- UK NIESR GDP estimate clocks in at 0.9% vs. 0.7% previous
- 10-year U.S. Treasury yields posts largest two-day drop since May
- Fitch affirms New Zealand’s AA rating, upgrades outlook from stable to positive
- Moody’s cuts outlook for Canada’s biggest banks from stable to negative
The dollar bulls were NOT on their A-game yesterday as the low-yielding currency crashed and burned against most of its major counterparts. Falling bond yields, frustration over the Fed’s tightening timeline, and a bit of risk aversion reigned supreme in yesterday’s U.S. forex trading session.
USD/JPY was the first to go with a 19-pip slide to 101.54, which might have caused the small declines in other yen crosses. EUR/USD also rejoiced from the overall USD weakness with its 17-pip ascent to 1.3612. Last but not the least, GBP/USD recovered from the impact of weak UK reports with its 14-pip jump to 1.7133.
The comdolls also participated in the dollar-selling party. Thanks to Australia’s strong business report and Fitch’s outlook upgrade on New Zealand, AUD/USD was able to sneak in 4 pips to .9402 while NZD/USD also inched 8 pips to .8788. Even USD/CAD, which should have reacted to grim outlook for Canada’s banks, popped 2 pips higher.
Will the Greenback’s bloodbath continue through the Asian session? Australia has already released a positive Westpac consumer confidence report but China is still set to print its inflation numbers at 1:30 am GMT. A disappointing rate could drag the comdolls lower, so make sure you stick around when it’s released!
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!