- CA housing starts at 183.6K vs. 200K expected, 197.4K previous
- NZ retail card spending up by 1.0% vs. 0.5% uptick expected, 0.10% rise last month
- JP bank lending up by 2.4% vs. 2.3% uptick expected, 2.4% growth previous
- JP current account shows 0.96T JPY surplus vs. 0.54T JPY surplus expected
- Canada on Remembrance Day holiday
- US celebrates Veterans’ Day
The Greenback brought sexy back during the U.S. forex trading session, as the bulls got second wind after last Friday’s profit-taking action.
There were no major economic reports released save for Canada’s housing starts, so it was easy for forex traders to buy more dollars at perceived dips.
EUR/USD encountered resistance just above 1.2510 and capped the day at 1.2422, while USD/JPY staged a 66-pip rally to 114.84. GBP/USD also saw a 46-pip slide to 1.5848 as USD/CHF popped up by 48 pips to .9682.
Comdolls bears were also in on the Greenback-buying party. Of course, it didn’t help that gold fell by 2% to around the $1,160 levels on profit-taking, while Brent oil prices hit fresh four-year lows fell by 1.3% to $82.34 per barrel.
AUD/USD saw a 50-pip slide to .8617 throughout the session while NZD/USD also fell by 51 pips to .7746. Meanwhile, the Loonie didn’t get any help from Canada’s slightly worse-than-expected housing starts data, as USD/CAD jumped by 63 pips to 1.1375, GBP/CAD rose by 49 pips to 1.8028, and CAD/JPY fell from its 101.35 intraday high to its 100.97 closing price.
Let’s see if the dollar continues to climb with today’s set of economic reports. Japan has already printed its current account and bank lending numbers, and is scheduled to release its consumer confidence report at 5:00 am GMT and Economy Watchers’ Survey at 6:00 am GMT. These reports don’t usually cause sustained impact among JPY crosses, but keep your eyes peeled for any significant data misses in case it encourages volatility.
Australia has also released its NAB business confidence and quarterly house price index reports. Since both reports came in near investor expectations, Aussie bulls are getting their upside momentum. Watch out for any intraday trends that might pop up, aight?
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!