- 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
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!
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!