- Australia’s retail sales up by 0.6% in June vs. 0.3% estimate
- Australia’s ANZ job advertisements up by 0.3% in July
- Chinese official non-manufacturing PMI down from 55.0 to 54.2
- New Zealand ANZ commodity prices down by 2.4%
- Spanish unemployment change up for release
- U.K. construction PMI due
Major currencies took it easy on the dollar during the start of this trading week, after giving the U.S. currency a heavy beating last Friday. EUR/USD retreated to a low 1.3415 while USD/CHF recovered to a high of .9066. USD/JPY has regained ground and traded around 15 pips above the 102.50 minor psychological level.
Australia printed a couple of upbeat reports, as its retail sales data for June beat expectations while its ANZ jobs advertisements report showed an uptick. Retail sales were up by 0.6% versus the estimated 0.3% gain while the previous month’s reading was revised to show a smaller decline than initially reported.
As for New Zealand, the latest ANZ commodity prices report reflected a 2.4% drop for July, following the previous month’s 0.9% decline. This marks the fifth consecutive monthly decline as commodity prices have been dragged down by falling dairy prices.
In the next few hours, the pound and the euro could take center stage with a few medium-tier reports on tap. Spain will print its unemployment change data and possibly show a 116.3K drop in joblessness while the U.K. is set to report its construction PMI, which is expected to dip from 62.6 to 62.1. Weaker than expected data could weigh on euro or pound pairs so make sure you watch out for the actual releases if you’re trading these currencies!
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!