- US durable goods orders: 0.7% vs. 0.5% expected and -1.0% previous
- US core durable goods orders: 0.8% vs. 0.5% expected and -0.1% previous
The dollar continued to rake in pips during the U.S. forex trading session as investors priced in general risk aversion and prepared for the NFP week ahead.
Demand for long-lasting goods in the US grew by 0.7% in June, which is stronger than the expected 0.5% uptick and downwardly revised 1.0% decline in May. This, as well as the previous day’s strong initial jobless claims reading, fueled expectations of the Fed winding down its stimulus sooner than later. Still, some of the bulls held back due to downward revisions on previous readings.
EUR/USD fell by another 17 pips to 1.3449 but GBP/USD only slipped by 5 pips to 1.6977. USD/JPY even inched 7 pips lower to 101.84 while USD/CHF remained in a tight range just below .9050.
The Loonie provided more action for the currency bulls and bears. Canada didn’t print any economic reports but the Loonie fell across the board. USD/CAD shot above 1.0800, EUR/CAD rose by 58 pips to 1.4524, CAD/JPY dropped by 56 pips to 94.18, while GBP/CAD climbed by 83 pips to 1.8359. Yikes! Canada didn’t print any economic reports but some analysts believe that anticipation of weak Canadian reports, breaks in key technical levels, and concerns that the Canadian economy is lagging behind Uncle Sam is to blame for the wide selloff.
Will the comdoll bears in today’s Asian session extend the Loonie weakness? No major reports are scheduled for printing over the next couple of hours so keep your eyes glued to the tube in case investors fixate on a new market-mover in the Asian markets!
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!