- U.S. Federal budget balance at $53.2 billion vs. $44.3 billion estimate
- Japanese bank lending up by 2.3%
- Fonterra recalls contaminated fresh cream products
Most major currencies ganged up on the Greenback in yesterday’s trading, as the U.S. currency had no economic reports to draw support from. However, the British pound was left behind as GBP/USD slipped below the 1.6400 handle.
Yen pairs are still on a decline in today’s Asian trading session, even as Japanese traders returned from their holiday. Data released from Japan came in line with consensus, with bank lending up by 2.3% and the current account deficit at 0.05 trillion JPY.
Fonterra, New Zealand’s largest dairy company, announced a recall of their fresh cream products which have been found to be contaminated with E.coli. Although the Kiwi barely reacted to the news, the product recall could weigh on production and overall growth later on and drag the currency lower.
There are no other major reports lined up for the rest of the trading session so y’all better keep tabs on market sentiment to figure out where currency pairs could be headed. In particular, take note of how the Nikkei stock index moves to see if yen pairs could carry on with their selloff.
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