- Financial markets reopen today
- Australia CB leading index up by 0.3% in February
- Japanese government planning to loosen lending restrictions
Zzzz… Most major currency pairs were asleep on Monday, as traders were off on an Easter holiday. GBP/USD moved sideways around the 1.6800 area while USD/JPY consolidated above 102.50. The forex market could jolt to action today though with financial markets set to reopen and volatility likely to kick in. EUR/USD was already off to an early start, as the pair slipped roughly 40 pips below the 1.3800 handle.
Earlier today, Australia printed a 0.3% in its CB leading index for February, marking a stronger pace of improvement compared to the previous 0.2% uptick. However, AUD/USD barely reacted to the release as the pair stayed cruising inside a tight 20-pip range.
Yen pairs saw a bit of action when a Japanese newspaper indicated that the government is making plans to reduce lending restrictions in the country, possibly as an effort to compensate for the drag caused by the recently implemented sales tax hike. In particular, the government is looking to lower the rate ceiling on loans from 29.2% to 20%, giving small businesses easier access to funding.
No other major reports are due for the rest of the Asian trading session so make sure you keep close tabs on risk sentiment for the next few hours. Good luck and good trading!
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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!