- US EIA crude oil inventories: 4.9M vs. 3.7M expected, 6.3M previous
- USD gains across the board on risk aversion
- JP core machinery orders: 8.3% vs. 2.3% expected, 1.3% previous
- AU jobs numbers disappoint market expectations
The dollar was once again king of pip streets, as forex traders price in potential events in other major economies.
Uncle Sam didn’t print any major data yesterday, but the dollar bulls still hustled some muscle across the board. USD/JPY was notable with its 54-pip rally (+0.45%) to 120.30 after hitting a session high at 120.44.
Meanwhile, GBP/USD dropped by 56 pips (-0.37%) to 1.5241 ahead of the BOE’s quarterly inflation report. If you recall, analysts are speculating the possibility of the central bank releasing its first deflation forecast.
Even commodity-related currencies bowed down to the Greenback. Of course, it didn’t help that gold fell by $13 to $1,220, Brent crude fell by 3% to $54.66 and WTI crude slipped by about 2% to $48.84.
AUD/USD is down 34 pips (-0.44%) to .7707, NZD/USD is down 31 pips (-0.42%) to .7378, and USD/CAD hit an intraday high of 1.2698 before closing 22 pips (+0.17%) higher than its session open price.
Today’s another busy day for forex traders, especially after Australia printed significantly weaker-than-expected jobs numbers.
The Land Down Under clocked in a 6.4% unemployment rate (vs. 6.2% expected) and a net loss of 12,200 jobs (vs. 5,000 loss expected) in January. The Aussie has been taking hits since then, and it doesn’t look like the bears are stopping anytime soon.
Look out for possible intraday trends and risk aversion plays in your charts, aight?
Bonnie and Clyde, peanut butter and jelly, Kanye West and Kanye West. Some things just go well together.
Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!