- German Retail Sales m/m disappoints: -0.9% vs. 0.2% forecast, 0.1% previous
- Swiss KOF Economic Baromoeter: 99.8 vs. 102.1 forecast, 102.04 previous
Forex traders must have checked out for the month already as the morning London session lacked much volatility. Despite European data coming in weaker than expected, major currency pairs didn’t trade much bigger than 20 – 30 pip ranges after the London open.
The closest thing to directional movement came from the British Pound. There doesn’t seem to be a direct catalyst for Sterling support, but it is up across the board against the majors.
GBP/USD is up 23 pips (+0.13%) to 1.6737; EUR/GBP is slightly below break even trading at .8130, and GBP/JPY is testing and holding above the major psychological area of 170.00
We’re coming up on the final afternoon London trading session of June, and it could be an active one with tier one Canadian data and a slew of tier two U.S. economic data points.
At 1:30 pm GMT, we’ll get U.S data in the form of Core PC Price Index, Personal Income and Spending data. And from Canada, we’ll see the RMPI and IPPI inflation data. All are mid-tier economic data points that may not have much catalyst power because of the monthly Canadian GDP data that will be released at the same time. As pointed out by my buddy Forex Gump in his forex trading guide, this does tend to be a short-term market mover so Loonie traders should be on the lookout during this hour.
At 2:45 pm and 2:55 pm GMT, we’ll get the final economic data points of the month in the form the Chicago PMI data and the revised University of Michigan Survey data (respectively). Both aren’t normally market movers, but with this being the last session of June, we may see a rise in volatility around this time as traders readjust positions or take profits before the month close. Stay frosty traders!
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!