- Chinese HSBC final manufacturing PMI at 49.5
- Credit Suisse downgraded Chinese growth forecasts
- Nikkei closes down by 2.45%
- Spanish flash GDP, German unemployment change data coming up
- Swiss KOF economic barometer to improve from 1.95 to 2.02
Forex price action was relatively quiet in today’s Asian trading session, following the volatile aftermath of the FOMC rate statement. As I mentioned in my previous update, the only reports released were Japan’s weaker than expected retail sales reading and Australia’s import prices data, which showed an unexpected 0.6% decline.
The Nikkei closed with a 2.45% decline for the day, as risk aversion kept its head in the markets. Yen pairs, however, managed to hold steady with EUR/JPY staying above the 139.00 handle and AUD/JPY trying to hold on to 89.50. Credit Suisse recently announced downgrades on its growth forecast for China, adding to a bit of selling pressure on the Australian dollar.
Up ahead, we have the Spanish flash GDP release, German unemployment change data, and Swiss KOF economic barometer due. Euro zone’s third largest economy is expected to have growth by 0.3%, better than the previous 0.1% expansion, while Germany might show a 5K decline in joblessness. Meanwhile, Switzerland could print an improvement from 1.95 to 2.02 in its KOF economic barometer, which might help the franc hold on to its recent gains.
Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.
Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!