- Canadian markets out on Thanksgiving holiday
- US markets out on Columbus Day holiday
- AU NAB business confidence report on tap
With most North American traders out on holidays, forex volatility was as tight as skinny jeans during the US session.
The biggest story was the continued weakness in U.S. equities. Concerns over global growth and the earnings season dragged both S&PP 500 and Dow by more than 1% with the former posting its worst three-day slide since November 2011.
Major currencies stayed in their tight ranges although we did see a bit of strength from low-yielding ones like the Greenback and the yen.
EUR/USD, AUD/USD, USD/CAD, and NZD/USD ended the session less than 10 pips away from their open prices while GBP/USD slipped by 25 pips to 1.6070. Yen pairs saw more action with USD/JPY dropping by 16 pips to 107.09, GBP/JPY sliding by 52 pips to 172.10 and EUR/JPY declining by 18 pips to 135.90.
We don’t have a lot of major forex news on tap today save for Australia’s NAB business confidence numbers printed a few hours ago. The report printed an index reading of 5, higher than last month’s 7 figure. It doesn’t look like it’s significantly affecting the Aussie’s price action though, so you might want to keep your eyes peeled for other forex news that might affect currency price action!
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!