Article Highlights

  • U.K. construction PMI expands at its fastest pace in six years in October
  • Spanish unemployment falls by 2.5K vs. 50K uptick expected
  • USD, yen crosses take hits across the board
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The dollar continued to lose pips against its counterparts as the lack of market-moving reports inspired profit-taking ahead of the NFP report on Friday. EUR/USD popped above 1.3550 while a better-than-expected U.K. construction PMI pushed Cable back above 1.6400.

The dollar also weakened against its other counterparts. AUD/USD, USD/CAD, and NZD/USD were boosted by risk appetite from the Asian markets. Meanwhile, USD/JPY encountered profit-taking at the 103.25 area and stop losses were hit around 102.80.

Let’s see if the dollar bulls will step up their efforts during the U.S. session. Only the IBD/TIPP economic optimism report at 4:00 pm GMT is expected for today, so traders will most likely look at technical levels and the performance of equities for direction. Watch your trades closely, kids!

See also:

Asian Session Recap

U.S. Session Recap

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. 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!