The beginning of this week remained quite steady because no high-profile economic data releases printed. Most of the currencies – USD continued to trade higher in response to the Greenback’s retracement extending. Surprisingly, the Greenback – Japanese Yen also rose despite risk aversion stimulating the JPY.
Tuesday brought only U.S. CB Consumer Confidence. The figure was confirmed at 127.7, falling sharply from the previous reading of 130.0 as well as popping economists’ expectations for an advance to 131.2. Nevertheless, the USD-denominated assets reacted so positively on the report, dumbfounding lots of binary options traders who rushed into the market with bearish positions on the US Dollar. In all likelihood, USD bulls’ mood has been spurred well thanks to their unexpected winners.
The market volatility on Wednesday was kicked off by New Zealand’s ANZ Business Confidence. Needless to say, with the data broadcast slipping 1.0 compared to the prior announcement of -19.0 coupled with U.S. Final GDP q/q surging to an annualized 2.9% from the 2.5% level released previously, the New Zealand Dollar – Greenback has witnessed a highly pessimistic affair with a strong descent to the vicinity of 0.7200, delivering plenty of bearish trading opportunities to the NZD/USD sell side.
The Crude Oil Inventories release was also an excitement igniter of the day. The figure divulged climbing fairly to 1.6M from the last release of -2.6M has made a dent in Oil prices. However, the USOIL quickly found fresh buyers and gained back its losses after the announcement.
Thursday marked a shocking day for the Pound Sterling – US Dollar bulls since the currency pair consecutively headed lower regardless of UK’s Current Account data confirmed higher compared to its last level (-18.4B versus -19.2B, well surpassing analysts’ prediction of -24.0B. This was the third day in a row the British Pound found itself weakening against its US counterpart.
On the same day, Canada’s GDP m/m was published tumbling to -0.1% versus the previous 0.2% alongside the expected 0.1%. Nonetheless, most of the CAD-denominated assets responded so calmly to the ‘high impact’ release.
Later this week saw no significant economic announcements print. The market accordingly remained wishy-washy with very few considerable movements recorded.
In a separate development, Bitcoin found itself drowning amid a supply glut since there have been no positive signs for Crypto Regulation. At the time of writing, the world’ most prevalent cryptocurrency is oscillating hard between $6,500 - $6,800.