Article Highlights
- US GDP revised from 4.2% to 4.6% in Q2 2014
- US revised UoM consumer sentiment: 84.6 vs. 84.8 expected, 84.6 previous
- US core PCE final reading: 2 vs. 2 expected and previous
The dollar-dominated last Friday’s US forex trading session, as traders priced in a positive report from Uncle Sam.
US GDP has revised higher from 4.2% to 4.6% in Q2 2014 thanks to an uptick in investments. With major forex pairs stuck in tight ranges for most of the day, it didn’t take a lot to motivate Greenback bulls into jumping back in.
EUR/USD slumped by 49 pips to 1.2683, USD/JPY jumped by another 19 pips to 109.29, and USD/CHF rose by 33 pips to .9517. Heck, even GBP/USD saw a 62-pip slide to 1.6244!
Comdolls like the Aussie, Loonie, and Kiwi were also caught up in the dollar-buying frenzy. In fact, NZD/USD and even AUD/USD slipped by 33 and 27 pips respectively, as some traders continued to react to RBNZ jawboning. Meanwhile, the Loonie just plain reacted to dollar strength as USD/CAD jumped by 47 pips to 1.1156. Yipes!
Asian forex trading session traders don’t have a lot to look forward to with no economic data on tap, but keep an eye out for a possible extension of last Friday’s moves among the major forex pairs. Watch those comdoll pairs closely, will ya?
Good luck and good trading, folks!
