- Nikkei chalks up 1.04% gain
- BOJ survey: Japanese firms predict higher inflation
- Australian building approvals down by 5.0%
- UK Nationwide HPI up by 0.4% vs. 0.7% consensus
- UK construction PMI, Spanish unemployment change data due
No data, no movement? Not really! Today’s Asian trading session was a pretty active one, with yen pairs leading the pack. USD/JPY continued its ascent past the 103.00 major psychological handle while EUR/JPY jumped to a high of 143.39.
The Nikkei managed to end the session with a 1.04% gain, as a BOJ Tankan survey revealed that Japanese firms are expecting to see stronger inflationary pressures. As mentioned in this article from Bloomberg, firms project the annual inflation rate to reach 1.5% within a year – a sign that businesses believe the BOJ is making progress in warding off deflation.
Meanwhile, NZD/USD saw a massive 100-pip drop in the past few hours after the pair tested the .8700 major psychological resistance. The only report released from New Zealand so far was the ANZ commodity price index, which showed a 0.1% decline for March.
In today’s London trading session, we’ll see data on Spain’s job market and the UK’s construction industry. The Spanish unemployment change report could print a 5.3K drop in joblessness while the UK construction PMI is expected to show an improvement from 62.6 to 63.1. Earlier today the UK reported a mere 0.4% uptick in Nationwide HPI, weaker than the estimated 0.7% gain, while the manufacturing industry showed a lower than expected PMI reading yesterday. Another bleak figure from the UK might lead to a deeper pound selloff so y’all better sit tight!
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!