- Japanese housing starts up by 18.0% vs. 13.9% estimate
- Australian private sector credit increased by 0.5%
- German retail sales, French consumer spending, euro zone CPI coming up
Thanks to overall risk-off environment, the U.S. dollar continued to gain ground against its major counterparts, particularly the Australian dollar and New Zealand dollar. As I mentioned in my previous update, Australia printed a weaker than expected quarterly PPI but followed it up with a stronger than expected increase in private sector credit.
Over in Japan, housing starts were reportedly stronger than expected at 18.0% versus the estimated 13.9% increase. Japanese Prime Minister Abe’s remarks regarding corporate tax cut helped support Japanese equities for a bit but the Nikkei still ended up with a loss for the day, as risk aversion extended its stay in the markets.
Up ahead, we have a slew of data from the euro zone, including German retail sales, French consumer spending, and the region’s inflation data. The euro has been chalking up losses against its counterparts recently and another round of weak figures might lead to a deeper selloff.
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!