- Japanese preliminary industrial production down by 3.3% in June
- Nikkei up by 0.18% for the day
- New Zealand building permits rebound by 3.5% from previous 4.4% decline
- Swiss UBS consumption indicator and KOF economic barometer due
- German and Spanish flash CPI figures up for release
It’s all about dollar strength, baby! Even though there were no major reports released in the Asian trading session, the Greenback continued to edge higher against its forex counterparts. EUR/USD is moving closer to the 1.3400 major psychological handle while GBP/USD is crawling further below the 1.6950 mark.
USD/JPY continued its ascent past 102.00 and has reached a high of 102.17 as of this writing. Japan’s preliminary industrial production report marked a 3.3% monthly decline in June, worse than the estimated 1.0% drop. Despite that, the Nikkei managed to close with a 0.18% gain for the day.
In New Zealand, building consents printed a 3.5% rebound in June from the previous 4.4% decline. However, this wasn’t enough to keep the Kiwi supported, as it the commodity currency continued to suffer after Fonterra announced lower milk payouts yesterday. NZD/USD is currently testing support at the .8500 handle while NZD/USD appears to have broken below the 87.00 mark.
Swiss UBS consumption indicator and KOF economic barometer are up for release in the next few hours, and this might lead to more volatility among franc pairs. Also due today is Germany’s and Spain’s preliminary CPI figures. Stay on your toes and watch out for any changes in market sentiment in the next few hours!
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