- Nikkei up by 0.27% for the day
- Citi expects Australia to grow by 3.4% in 2014, up from initial 2.9% forecast
- Goldman Sachs expects BOJ to ease in October
- EU Economic Summit scheduled to start today
And the higher-yielders are back in the game! Commodity currencies continued to take advantage of U.S. dollar weakness spurred by a huge GDP downgrade. AUD/USD climbed back above the .9400 handle and reached a high of .9415 while NZD/USD continued to advance towards the .8800 mark. Upgraded growth forecasts for the Australian economy from Citi also helped the Aussie sustain its climb.
There were no reports released in today’s Asian trading session, but it appears that dollar weakness has been the main driver of price action. Risk appetite was also present, as the Nikkei managed to chalk up a 0.27% gain for the day. The yen managed to hold on to its recent gains against the euro and the pound, despite a Goldman Sachs report stating that further BOJ easing is expected for October.
Data is still light in the upcoming London trading session with no major reports on tap. The EU Economic Summit is set to start and any updates concerning economic outlook and ECB policy moves might push euro pairs around.
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!