- CA building permits up by 11.8% vs. 5.0% expectations, 16.4% previous
- UK BRC retail sales monitor up by 1.3% vs. -0.3% previous
No economic data releases? No problem! The dollar dominated yesterday’s US forex trading session despite the lack of reports printed in the markets. USD/JPY led the move with a 67-pip jump to 105.96, but EUR/USD also got attention with its 49-pip decline to 1.2899.
Analysts point to weaknesses in the other major economies for the move. Some believe that investors who were bullish on the dollar merely waited until after the NFP release to step in. After all, the Greenback is still a good option against other major currencies especially with the ECB stepping up its stimulus plans and the UK gearing up for the Scottish independence vote.
Not even the comdolls were safe from the dollar’s bullish momentum. Of course, a surprise weakness in China’s imports released earlier in the day and a weak quarterly manufacturing sales data from New Zealand didn’t help. AUD/USD dropped by 53 pips to .9283 while NZD/USD fell by 26 pips to .8279. The Loonie also didn’t get any help from Canada’s building permits data that actually printed a stronger-than-expected figure. USD/CAD still popped up by 66 pips to 1.0973.
Let’s see if the dollar will extend its gains in the Asian forex trading session. Japan had just released the BOJ’s meeting minutes and Australia had just printed its NAB business confidence data, but so far comdoll pairs haven’t shown any significant reaction. Watch out for a slew of economic data including the consumer confidence report at 5:00 am GMT and preliminary machine tool orders at 6:00 am GMT.
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!