- Nikkei ends 0.75% lower in Asian session trading
- BOE Broadbent: No rate hike forecasts yet
- French preliminary GDP flat for Q1 2014 vs. estimated 0.4% growth
- German preliminary GDP at 0.8% vs. 0.7% estimate
- Italian and euro zone preliminary GDP figures due
- Euro zone headline and core CPI to show weaker price pressures?
Risk appetite was still shaky in the recent forex trading hours, as the Nikkei ended with a 0.75% loss for the day. Japan’s consumer confidence index came in line with expectations at 37.0, down from the previous 37.5 reading. In his speech during the Asian session, BOJ Governor Kuroda hinted that the central bank would be watching yields and the stock market closely to figure out whether they need to make adjustments in monetary policy or not.
In an interview with BBC earlier today, BOE official Broadbent reiterated most of the points mentioned in the BOE Inflation Report yesterday. He mentioned that joblessness has been falling but that he can’t come up with a forecast on when interest rates will be hiked.
Brace yourselves for what could be another exciting day for the euro, as preliminary GDP readings and CPI figures are on tap. Germany and France already got the ball rolling, as France reported a flat GDP reading instead of the estimated 0.4% growth figure while Germany showed a slightly stronger than expected 0.8% uptick. Preliminary GDP figures from Italy and the euro zone are still up for release, with weaker than expected data likely to push the euro lower. Also due today are euro zone core and headline CPI readings, both of which are expected to post 1.0% and 0.7% gains respectively.
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