- BOJ’s Shirai suggests that it may take longer than 2 years to reach 2% inflation goal
- AU building approvals falls by 1.5% in November vs. 0.9% downtick expected
- AU retail sales rises by 0.7% vs. 0.5% estimates
- China’s CPI grew by 2.5% vs.2.7% estimates and previous 3.0% growth
- BOE and ECB interest rate decisions on tap
The major currencies traded on tight ranges for most of the Asian session as traders await both the BOE and ECB’s monetary policy decisions. The Aussie received some support following the strong retail sales release, but comdolls like AUD, CAD, and NZD soon made new intraday lows on more dollar buying.
Gains on the yen crosses were also capped by BOJ Board Member Sayuri Shirai’s comments. In his speech, he hinted that it could take the BOJ longer than two years to achieve their 2% inflation goal if the pace of inflation proves to be too much of a burden to households and the corporate sector.
Shirai definitely won’t be the last central banker we’ll hear from today as the BOE is set to release its monetary policy decision at 1:00 pm GMT followed closely by the ECB rate statement at 1:45 pm GMT. If you can’t wait until these events to trade the news though, then you can look out for the UK trade balance update at 10:30 am GMT and Germany’s industrial production numbers at 12:00 pm GMT.
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!