- Australia’s MI leading index down by 0.1% again
- New set of Scottish independence surveys favor “No” camp
- BOE minutes and U.K. jobs data due today
- No revisions in euro zone final CPI readings for August?
After getting beat up in the previous forex trading sessions, the Greenback managed to get back on its feet in the past few hours. EUR/USD sank back to the 1.2950 area while GBPUSD retreated below the 1.6300 handle. USD/JPY is still consolidating around the 107.25 level.
There were no major reports released in today’s Asian trading session, leaving forex traders to figure out how to position ahead of today’s FOMC statement. Yen pairs saw a bit more action, as the Japanese currency resumed its selloff against most of its major counterparts. GBP/JPY has bounced to a high of 174.69 while AUD/JPY is hovering around 30 pips above the 97.00 mark, even after Australia’s MI leading index chalked up another 0.1% decline.
A new set of surveys on Scottish independence revealed a small margin in favor of the “No” voters, which increases the odds of seeing Scotland stay in the U.K. after this week’s referendum. For now, pound traders might be more focused on the upcoming release of the BOE minutes and U.K. jobs data. The claimant count change is expected to have fallen by 29.7K in August, which might bring the jobless rate down from 6.4% to 6.3%. Meanwhile, the BOE minutes might still show a 2-7 vote for an interest rate hike, which could renew demand for the pound.
Also lined up for today are the euro zone final CPI readings for August, with no revisions expected for the 0.3% headline figure and the 0.9% core figure. Downgrades might lead to euro weakness though, as it could remind forex participants that deflation could pose a threat in the region.
Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.
In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis. Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!