Article Highlights

  • CA current account balance shows 11.9 billion CAD deficit vs. 11.5B deficit expected and 12B deficit last month
  • CA average weekly earnings up by 3.3%, highest since September 2012
  • US initial jobless claims down to 298K vs. 300K expected, 299K previous
  • US pending home sales rises by 3.3% vs. 0.5% uptick expected and 1.3% decline last month
  • NZ building permits up by 0.1% vs. 1.0% uptick expected and 3.5% gain last month
  • UK GfK consumer confidence clocks in at 1 vs. -1 expected, -2 previous
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The dollar’s performance was a mixed bag of nuts, as it lost to the euro and the pound, gained a bit on the yen and the franc, and traded sideways against the comdolls during the US forex trading session.

It’s not that there weren’t any reports to inspire volatility. Uncle Sam’s second GDP reading normally would have pushed the Greenback higher after it was revised from 4.0% to 4.2%. Ditto for the pending home sales numbers, which popped up by a whopping 3.3% after declining by 1.3% last month.

Instead, forex traders had trouble extending the major currencies’ intraweek trends. Weak euro zone data didn’t cause much trouble for EUR/USD, as it ended the trading session unchanged at 1.3184. GBP/USD also inched 5 pips higher to 1.6589 while USD/JPY and USD/CHF remained at 103.70 and .9150 areas respectively despite the release of economic data from the US.

Comdoll trading was also a snoozer with AUD/USD, USD/CAD, and NZD/USD barely moving from their session open prices. Even closely-watched comdoll crosses such as AUD/NZD, EUR/CAD, and EUR/NZD failed to show significant price movements.

Will we see more action from the comdolls today? New Zealand’s business consent and ANZ business confidence data have just been printed, and from the looks of it Kiwi traders aren’t too happy about the weaker-than-expected numbers. Japan has also released its CPI, industrial production, and retail sales numbers. Most of the reports came in a bit weaker than market expectations, so keep your eyes peeled for any significant reaction on yen crosses!

See also:

London Session Recap

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

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!