- Swiss producer import prices down 0.4% vs. -0.2% expected
- Spanish debt reaches 93.4% of GDP at end of Sept vs. 92.2% in June.
- UK construction output at 2.2% vs. 1.6% expected
- BOE hawk Spencer Dale drags GBP lower
With little or no market-moving economic report on tap, traders got busy speculating and pushing the technical limits of the major currencies. USD/JPY failed to hold on to its gains after it encountered resistance just below 104.00. EUR/USD also started the London session on a tight range before an overall risk aversion theme swept over the markets.
The pound is also no stranger to losses. Although the U.K. printed upside surprises in its construction output, the pound was weighed by comments from BOE member Spencer Dale. In his speech, the renowned hawk hinted that it would be a while before we see a rate hike despite the improvements in the U.K.’s economic reports.
Let’s see if the currency bears push their cause in the last trading session of the week. The U.S. PPI report at 2:30 pm GMT is the only data scheduled for today, so keep close tabs on the newswires and see if you can make last-minute trades from intraday trends!
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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!