- U.K. Rightmove HPI up by 2.6% in Oct
- Nikkei up by 3.98% gain for today
- RBA Assistant Gov Kent: Inflation to stay within 2-3% target
- German PPI and euro zone current account balance due
Gaps… gaps everywhere! Yen pairs opened higher over the weekend, as risk appetite seemed to improve. EUR/JPY started off around 136.65 and is up 0.34% at 136.80 while GBP/JPY kicked off the trading week at 172.60 and is up 0.49% as of this writing. The Nikkei chalked up a 3.98% gain for the day, erasing most of its losses from the previous week.
There were no major reports released in today’s Asian trading session, with only the U.K. Rightmove HPI logging in a 2.6% rebound for October. This was enough to keep GBP/USD afloat at a 0.13% gain around the 1.6100 major psychological mark. EUR/GBP is sliding lower, down 0.06% at the .7920 levels.
RBA Assistant Governor Kent’s speech regarding inflation staying consistent with the central bank’s 2-3% target barely did the Aussie any favors, as the currency is cruising at the .8760 area to the U.S. dollar.
The forex calendar indicates that data is light in the upcoming London trading session, with only the German PPI and euro zone current account balance due. Analysts are expecting to see a 0.1% uptick in producer prices in the euro zone’s largest economy while the current account surplus is projected to widen from 18.7 billion EUR to 21.3 billion EUR. Other than these releases, risk sentiment could continue to be a major driver of forex price action for the rest of the day. Good luck and good trading!
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