- Japan trade deficit widens as exports growth slows down
- Nikkei closes down by 0.03%
- Switzerland, Germany, Italy, France, and the UK are all out on Easter Monday holidays
Not much movement from the major currencies over the past couple of hours as most economies are out on Easter Monday holidays.
Japan provided some volatility for the yen pairs after it printed its trade balance numbers. Exports by volume fell the most since June last year and its growth rate of 1.8% is its lowest since March last year. Analysts had expected a 6.3% increase after February’s 9.8% annualized gain. This translated into a 1.45 trillion JPY trade deficit, which is weaker than the expected 1.07 trillion JPY expected and last month’s 0.80 trillion JPY deficit.
With exports not providing more help to boost the economy than expected, Shinzo Abe and his gang will have more work on their hands in order to meet their 2% inflation target despite a sales tax hike.
Surprisingly, the weak report hasn’t affected the Nikkei much. Even the major yen crosses had popped up by at least 20 pips during the Asian session while the majors remained in tight ranges.
No major news event is scheduled for release today with Switzerland, Germany, Italy, France, and the U.K. all out on Easter Monday holidays. Watch for other news reports though. Word on the hood is that trouble is once again brewing in Ukraine and could threaten the peace deal struck last week. Keep your eyes on the news wires for updates!
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!