- US and Canadian bond markets out on holidays
- USD takes a beating across the board
Geronimoooo!!! Dollar bears took advantage of the lack of economic reports during the U.S. forex trading session, as they dragged the currency lower across the board.
And what a clean sweep it was! EUR/USD popped up by 58 pips to 1.2476, GBP/USD rose by 61 pips to 1.5917, USD/JPY fell by 40 pips to 115.48, and USD/CHF slipped by 36 pips to .9647.
A slight recovery in gold prices also helped boost commodity-related dollars against the Greenback. AUD/USD shot up by 65 pips to .8697 while NZD/USD enjoyed a 41-pip jump to .7798. Even USD/CAD, which should have reacted to another drop in oil prices, fell by 59 pips to 1.1328.
Let’s see if we’ll see more volatility today! Asian session forex traders have a couple of Australian reports they can price in, starting with the Westpac consumer sentiment report released a while ago, followed by The Land Down Under’s quarterly wage price index numbers. The reports haven’t caused much impact on the Aussie in early Asian session trading, but keep an eye out for other catalysts that might tip the scale in the Aussie’s favor.
The RBNZ also had its own headlines a few hours ago with the central bank releasing is financial stability report and RBNZ Governor Wheeler making a speech. The central bank head honcho jawboned like there’s no tomorrow, saying that the Kiwi is overvalued, and that its current levels are unsustainable and unjustified. NZD/USD hasn’t reacted much though, as it’s still near its Asian session open prices.
We don’t have other reports on tap for the rest of the trading session, but keep your eyes peeled for any news that might affect risk sentiment!
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!