- Chinese foreign direct investment up 5.0% year-over-year in April
- Back-to-back losses for the Nikkei, down 1.41% today
- Japanese industrial production data revised from 0.3% to 0.7%
- French non-farm payrolls and euro zone trade balance due
Ranges, ranges, ranges… It was a lazy Asian trading session for most major forex pairs, as USD/JPY held on to the 101.50 area while EUR/USD consolidated in a 10-pip range. The lack of top-tier data is probably to blame for the low volatility, as the only reports released were China’s foreign direct investment data and Japan’s revised industrial production report.
Foreign direct investment in the world’s second largest economy showed a 5.0% year-over-year increase in April, slower compared to the previous month’s 5.5% gain. As for Japan, its industrial production data was upgraded to show a 0.7% increase from the previously reported 0.3% uptick. Despite that, the Nikkei chalked up back-to-back losses as it closed 1.41% lower for the day.
More range-bound behavior could be seen in the next few hours, as the only reports due are euro zone’s trade balance and France’s non-farm payrolls figure. The euro zone could show a wider trade surplus of 17.3 billion EUR, up from the previous 15.0 billion EUR, while France might print a 0.1% quarterly decline in hiring. Although these aren’t exactly market movers, another round of weak figures from the euro zone might lead to more losses for the shared currency.
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