- Nikkei down by 0.64% in Monday’s trading
- New Zealand quarterly producer input prices up by 1.0%
- New Zealand quarterly producer output prices up by 0.9%
- Japanese core machinery orders surge by 19.1% vs. 6.1% estimate
- Bundesbank President Weidmann to give more dovish remarks?
Zzz… Most forex pairs were off to a lazy start this week, thanks to the lack of top-tier economic data. There were absolutely no top-tier reports released during today’s Asian session, keeping major pairs stuck in their ranges. Cross pairs did see some action though, with the Australian dollar losing ground against the yen, euro, and pound.
The only data points released were New Zealand’s PPI and Japan’s core machinery orders, which provided a bit of support for risk sentiment earlier in the trading session. New Zealand reported a 1.0% quarterly increase in producer input prices and a 0.9% rise in producer output prices, reflecting healthy inflationary pressures in the country. Meanwhile, Japan’s core machinery orders reportedly surged by 19.1% in March, outpacing the consensus of a 6.1% gain, while the previous month’s reading enjoyed an upgrade.
However, the Nikkei followed up last week’s bleak performance with another day in the red, as it closed down 0.64% earlier today. The rest of the Asian equities barely moved, as traders are probably sitting on their hands and waiting for more fundamental clues.
Bundesbank President Weidmann is scheduled to give a testimony in today’s London trading session, which might cause a bit of volatility among euro pairs. If their announcement last week is any indication, we might hear of more downbeat remarks from the German central bank. Bear in mind that Weidmann is on the ECB voting council and that his comments may play a key role in determining whether ECB policymakers might decide to ease or not.
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