Article Highlights

  • US PPI: -0.4% vs. 0.1% expected, 0.2% previous
  • US core PPI: -0.2% vs. 0.1% expected, 0.2% previous
  • US initial jobless claims: 264K vs. 273K expected, 265K previous
  • CA new house price index: 0.0% vs. 0.2% expected and previous
  • Greece Finance Minister Varoufakis wants Greece’s debt payments to the ECB pushed back
  • Draghi: QE to be implemented “as long as needed”
  • Japan PPI out at 3:40 am GMT, followed by consumer confidence data at 5:00 am GMT
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Thin trading conditions and a lack of major market movers sent forex traders in different directions during the U.S. session.

The dollar gained a few pips on some of its counterparts after the initial jobless claims report showed better-than-expected results.

USD/JPY fell to a session low of 118.95 before popping back up to 119.17 while USD/CHF rose to a high of .9169 before settling with a 39-pip gain to .9128.

Dollar trading against European currencies wasn’t clear either. Draghi’s speech about fully implementing QE “as long as needed” weighed on the currency but EUR/USD eventually found support at the 1.1400 and closed at 1.1409. Meanwhile, the pound’s intraday gains stalled during the U.S. session with GBP/USD hitting resistance just above 1.5800 before closing at 1.5773.

Comdoll bears also got busy despite the lack of any major comdoll catalyst. AUD/USD slipped by 22 pips (-0.27%) throughout the session while NZD/USD inched 9 pips lower (-0.12%) to .7504 after showing gains in the previous sessions. Meanwhile, a weakness in oil prices sent USD/CAD 50 pips higher (+0.42%) to 1.1997.

Let’s see if Asian session forex traders are up to the task of boosting volatility. There aren’t any major news on tap, but Japan is set to release its PPI at 3:40 am GMT, followed by a consumer confidence report at 5:00 am GMT. BOJ’s Kuroda is also set to hit the stage at around 4:00 am GMT, so keep an eye out for any clues on the BOJ’s policy plans.

Good luck!

See also:

London Session Recap

Bonnie and Clyde, peanut butter and jelly, Kanye West and Kanye West. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!