Article Highlights

  • US Empire State manufacturing index at 27.5 vs. 16.0 expected, 14.7 previous
  • US industrial production down by 0.1% vs. 0.3% uptick expected, 0.2% rise last month
  • RBA meeting minutes on tap
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Forex price action was muted during the US trading session, as a lack of major reports inspired currency traders to hold on to their positions.

The biggest reports from Uncle Sam were the industrial production and New York’s manufacturing data. While New York’s manufacturing printed upside surprises, the industrial production report had logged its first decline in four months.

This is probably why dollar bulls weren’t too aggressive during the US forex trading session. EUR/USD rose by 17 pips to 1.2939, USD/JPY slipped by 7 pips to 107.17, and GBP/USD also dipped by 8 pips to 1.6233.

Even comdoll traders got their piece of the dollar selloff pie. USD/CAD encountered resistance at the 1.1100 level and capped the day at 1.1052. AUD/USD and NZD/USD, both benefiting from a upticks higher commodity prices, shot up by 8 pips to .9027 and 13 pisp to .8174 respectively.

Let’s see if traders during the Asian forex trading session are willing to extend the dollar’s losses. At 1:30 am GMT the RBA is set to release its latest meeting minutes. Then, at 5:30 am GMT, Bank of Japan’s (BOJ) Kuroda is scheduled to make a speech. While market players aren’t expecting anything new from the central banks, it’s a good idea to watch their events closely for possible hints on their biases or near-term monetary policies.

See also:

London Session Recap

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

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