- AU AIG manufacturing index down to 44.8 in April vs. 47.9 in March
- China manufacturing PMI clocks in at 50.4 vs. 50.5 expected and 50.3 previous
- AU quarterly import prices rises by 3.2% vs. 1.8% expected
- UK Nationwide house price index up by 1.2% in April vs. 0.6% expected and 0.5% previous
- France, Germany, Italy, and Switzerland on Labor Day holiday
Price action was unsurprisingly muted as the Singaporean, Hong Kong, and Chinese markets are all closed for Labor Day holidays.
The only remarkable price action happened in the middle of the Asian session after China printed its official manufacturing PMI numbers. The report clocked in at 50.4, just short of the 50.5 index figure expected. Of course, it didn’t hurt that Australia also printed a better-than-expected quarterly import prices report.
AUD/USD and NZD/USD both popped up by around 25 pips at the report’s release and it looks like they could still trade higher over the next few hours. Meanwhile, other major pairs like EUR/USD, GBP/USD, USD/JPY, and USD/CHF are still on their tight intraday ranges.
Most of the European markets including France, Germany, Italy, and Switzerland are closed for Labor Day holidays today so don’t be surprised to see more tight ranges and consolidations. Watch out for the U.K. manufacturing PMI report at 8:30 am GMT though, as it could affect the pound’s intraday price action. The currency could extend its intraweek gains if the manufacturing PMI comes in higher than its 55.3 reading last month.
Also keep an eye out for the individual lending and mortgage approvals reports due at the same time. The former is expected to print at 0.6 like last month while the latter expected to rise from 70.3 to 72.0.
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!