- CA wholesale sales: 1.0% vs. 0.0% expected, 1.7% previous
- Fed’s Bullard sees 50% chance of rate hike in September
- U.S. stocks edge higher with NASDAQ hitting another record high
- BOJ and RBA meeting minutes due today
With no market mover in the forex markets, the major currencies got stuck in tight intraday ranges.
The dollar was once again king of pips in yesterday’s U.S. session trading, as a lack of economic reports pointed market players back to a possible Fed rate hike. For instance, Fed member Bullard put 50/50 odds of a rate hike in September.
It might have also helped the Greenback that traders had little incentive to buy high-yielding currencies. Optimism from Greece paying off its due loans to the ECB and IMF this week quickly petered out as analysts chalked it off to kicking the default can down the road. Commodity prices also extended their losses and limited the comdolls’ gains.
EUR/USD slipped by 11 pips (-0.10%) to 1.0835 while USD/JPY inched another 6 pips higher (+0.05%) to 124.29 after hitting an intraday high of 124.38. Meanwhile, GBP/USD popped up by 14 pips (+0.09%) after taking a hit in early London trading.
Even the comdolls showed limited price action. AUD/USD and NZD/USD both slipped by 3 pips despite another decline in gold prices while USD/CAD, which popped up to an intraday high of 1.3024 when oil saw intraday losses, eventually recovered and capped the day back at 1.2998.
Let’s see if today’s a better day for the comdolls. The BOJ and RBA are both scheduled to release their monetary policy meeting minutes some time during the Asian session.
The RBA’s is probably the bigger one to watch, as the central bank still hinted that it’s uncomfortable with the Aussie’s strength despite the huge declines seen in the comdoll’s price action. Meanwhile, the BOJ recently downgraded its growth forecasts despite its optimistic comments. Best watch out for any details that might affect sentiment for high-yielding trades!
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!