- Japanese Feb flash manufacturing PMI down from 52.2 to 51.5
- Euro zone PMIs, U.K. retail sales data due today
Forex traders must be biting their nails while waiting to see how the Greek debt drama will unfold today, as major currencies seem to be sitting tight. EUR/USD is hovering above the 1.1350 mark but is down by 4 pips (-0.04%) while GBP/USD is holding on to a 12-pip gain (+0.08%) so far.
The only piece of economic data released in the past few hours was Japan’s flash manufacturing PMI for February. The index showed a decline from 52.2 to 51.5, lower than the estimated 52.6 reading, and reflected slower industry expansion. Despite that, the Japanese yen managed to post small gains, with USD/JPY down 0.03% and EUR/JPY lower by 0.07%.
The upcoming London trading session could show a bit more action, with the euro zone PMIs lined up and the U.K. retail sales report up for release. Both Germany and France are expecting to see small improvements in their manufacturing and services PMI readings, which might be enough to keep the euro supported. Meanwhile, the U.K. could show a 0.1% decline in retail sales for January, although an upside surprise is likely since their latest jobs reports have been pretty impressive.
Be on the lookout for any updates regarding the negotiations between Greece’s anti-austerity government and the EU, as the debt-ridden country has been given an ultimatum to agree to carry on with their bailout today or risk losing funds to repay their debt. A last-minute deal could still be possible and this could allow the euro to recover.
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!