- Nikkei posts 0.36% loss for the day
- German Finance Minister, ECB official Noyer: Euro strength could harm economy
- Euro zone industrial production to show 0.3% rebound?
Zzz… Forex price action was relatively calm in today’s Asian trading session, thanks to the lack of top-tier releases on schedule. Zzz… Forex price action was relatively calm in today’s Asian trading session, thanks to the lack of top-tier releases on schedule. USD/JPY moved sideways along the 101.60 area while AUD/USD held steady around .9400.
After gapping down over the weekend, euro pairs continued to suffer selling pressure as more officials tried to jawbone the shared currency. As discussed in my U.S. session recap, Draghi already got the ball rolling over the weekend as he shared his concerns on euro appreciation. This was echoed by the German Finance Minister and ECB official Noyer as they spoke of the potential negative impact of further gains in the euro.
Only the euro zone industrial production report is up for release in today’s London session. It is expected to show a 0.3% rebound after declining by 0.2% in the previous month, and this might be enough to give the euro a bit of support. A much stronger than expected reading could even allow some euro pairs to fill the weekend gaps but a bleak reading could reinforce the 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!