Forex Daily Recap – Yet Another Disappointing Session for the FiberEuro pair slipped despite Ascension day holiday. Weaker Aussie Monthly Building Permits data applied negative pressure on the AUD/USD pair. Buck continues to maintain the safe-haven position.
Fiber continued suffering pullbacks on Thursday’s trading session, though minor ones. The EUR/USD pair marked a fresh weekly low near 1.1117 levels in the European session. On account of Ascension Day, the Banks in Germany, Switzerland, and France remained closed throughout the day. However, from the EU side, HICP and CPI data came out for Spain at 07:00 GMT. The May HICP MoM and YoY figures reported lower than market expectation. Whereas, the May CPI showed reports above consensus for monthly data and yearly data missed estimates. Anyhow, there appeared less impact from these low volatile event outcomes on the pair’s movements.
The significant move occurred after the release of positive US Unemployment data. With Continuing Jobless Claims computed since May 17 reporting a lower-than-expected figure, the Fiber lost traction and slipped. The pair then precisely dropped from 1.1141 levels to 1.1118 levels. Fortunately, the EUR/USD pair got a helping hand laterwards on the back of weak US Pending Home Sales data. The pair was trading near 1.1137 levels at around 16:54 GMT.
The Aussie pair marked yet another disappointing trading session on Thursday. After opening near 0.6921 levels today, the pair had displayed an excellent upward drift in the morning hours. The market expected the April Aussie MoM Building Permits to report 0.0% to the previous -13.4%. However, the actual reports turned out to a negative figure, i.e., 4.7%. Following such a release, the pair made the day’s first slump from 0.6929 levels to 0.6919 levels. In the next couple of morning hours, the pair kept fluctuating between 0.6937 levels and 0.6927 levels as a consequence of AUD-specific events. The pair lost ground in the European session as Greenback elevated on positive Unemployment data. AUD/USD pair had then touched the bottom near 0.6900 levels, marking daily low.
The Loonie pair had started the week near 1.3437 levels, and the pair was at the monthly high yesterday. Anyhow the weekly gains appeared to evaporate since last day’s North American session. The pair extended the same plunge rally into today’s session dropping near 1.3483 levels. High Crude prices over lower-than-expected API Weekly Oil Stockpile data pushed the Loonie up. Nevertheless, there was an opposite reaction on the USD/CAD pair making it slip. The fall in the pair received a stoppage when US Unemployment data showed positive reports.
Further gains of the Loonie pair remained capped amid weak US Core Personal Consumption Expenditures (PCE) data. At around 15:00 GMT, the EIA Crude Oil Stocks Change calculated since May 24, reported higher figures than the market estimates. The Street had hoped the EIA reports to come around -0.857 million. Somehow, the actual reports revealed -0.282 million. The Loonie pair made a ten pips jump following the Crude sparse data.
US Dollar Index
The Greenback continued to sustain near healthy 98 levels throughout the day and holds its current safe-haven position. The Index had made the day’s opening near 98.12 levels and was trading near the same levels at 17:35 GMT. Earlier the day, the Index found strength out of its falling rivals. The US Dollar Index had then touched the day’s first high near 98.22 levels. However, the gains were short-lived and dropped again to the opening levels amid some positive Spain data. Buck’s second move in the European session was instead a stronger one, allowing it to knock off weekly top levels. The Continuing Jobless Claims computed since May 17 reported 5K lower than expectation boosting the Greenback gains. Meanwhile, US April MoM Pending Home Sales recorded -1.5% over 0.9% estimates. This Home Sales data at last brought down the Greenback again to the opening levels.