Article Highlights

  • US import prices: -2.8% vs. -3.2% expected, -1.9% previous
  • CA manufacturing sales: 1.7% vs. 0.9% expected, -1.3% previous
  • US UoM consumer sentiment: 93.6 vs. 98.1 expected, 98.1 previous
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Forex price action was mostly muted last Friday, thanks to a lack of major news for traders to chew on.

Unle Sam’s reports got some attention, with U.S. import prices dropping by 2.8% on lower oil prices and the University of Michigan consumer sentiment dropping from its 11-year highs to a 93.6 reading.

The dollar didn’t lose much, however. EUR/USD inched 18 pips higher (+0.16%) to 1.1399 after hitting a session high of 1.1432, while GBP/USD popped up by 25 pips (+0.16%) to 1.5407 and USD/JPY slipped by 23 pips (-0.19%) to 118.79.

The comdolls also snuck in pips against the Greenback, thanks in part to a recovery in oil prices. Brent crude prices hit an eight-week high above $62 per barrel while WTI also jumped by 2.7% on a drop in U.S. rig count.

The oil-related Loonie took advantage with USD/CAD slipping by 53 pips (-0.42%) to 1.2461 and CAD/JPY inching 23 pips (+0.24%) higher to 95.33. The Aussie and Kiwi also gained pips with AUD/USD inching 25 pips (+0.32%) higher to .7767 and NZD/USD rising by 31 pips (+0.42%) to .7460.

Will the dollar gain back some of its losses today? The U.S. is celebrating President’s Day and Canada is out on a Family Day holiday, so Asian session forex traders will likely pay more attention other reports released today.

A couple of hours ago New Zealand had printed a better-than-expected retail sales report, which was followed by Japan’s preliminary GDP reading. Australia is also set to release its new motor vehicle sales report at 12:30 am GMT and a reading below last month’s 3.0% growth could undermine the Aussie’s recent gains.

Good luck and good trading!

See also:

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