Article Highlights

  • US advance retail sales as expected at 0.6% vs. 0.3% last month
  • US core retail sales also up by 0.3% as expected
  • US UoM consumer sentiment at 84.6 vs. 83.3 expected, 82.5 previous
  • US business inventories at 0.4% vs. 0.4% expected and 0.4% previous
  • S&P upgrades Greece’s credit rating from B- to B, outlook stable
  • Japan on Respect-for-the-Aged Day holiday
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Currency bulls and bears fought a good fight in last Friday’s US forex trading session, as profit-taking got mixed in with dip-buying.

Uncle Sam’s retail sales report revealed that consumers spending had risen by 0.6% as market players had expected. As it turned out, job growth and lower oil prices helped increase overall consumer spending. While a 0.6% isn’t too hot, it’s good enough to ease concerns over potentially weak summer spending.

Unfortunately for Greenback bulls, forex traders also paid attention to other factors. For instance, positive European reports during the London forex trading session helped contain EUR/USD to a tight range and even end the session with a 17-pip gain to 1.2949.

USD/CHF also slipped by 9 pips to .9339, while USD/JPY remained in a tight range just above 107.00.

GBP/USD was also supported throughout the session, thanks to a new poll showing the “No” votes in the upcoming Scottish referendum still holding the lead. GBP/USD finished the session with a 34-pip gain to 1.6258, while GBP/JPY climbed by 45 pips to 174.48.

Will currency traders be in the mood to push major forex pairs around today? Japan may be on a banking holiday today, but Australia is set to release its new motor vehicle sales data at 1:30 am GMT. The report doesn’t usually affect the Aussie’s price action, but keep a close eye on your comdoll setups in case we see Asian session traders start to price in the big events scheduled in our forex calendar this week.

See also:

London Session Recap

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

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

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