- Chinese CB leading index up by 0.9% in Sept
- Nikkei up by 1.01% for the day
- German GfK consumer climate and U.K. prelim GDP due
The U.S. dollar gave back some of its recent gains to its counterparts, as the absence of major data releases in today’s Asian trading session led to a bit of profit-taking in the forex market. EUR/USD is up 0.13%, GBP/USD is up 0.07%, and USD/JPY is down 0.28%.
The Chinese CB leading index is up 0.9% in September, better than the previous 0.7% reading and indicative of a potential pickup in the world’s second largest economy. AUD/USD is currently looking at a 0.12% gain while NZD/USD is up 0.25%. The Nikkei marked a 1.01% gain for the trading day as risk appetite appeared to improve.
Forex price action could enjoy a little more volatility in the upcoming London trading session, with a few more top-tier data releases lined up. First up is the German GfK consumer climate index, which is slated to dip from 8.6 to 8.1. After that, we’ll get a glimpse of the U.K.’s preliminary GDP reading, which could show 0.7% growth for Q3. Weaker than expected results might lead to pound weakness, as it would validate the BOE’s decision to shift to a less hawkish stance. Make sure you check out Forex Gump’s Trading Guide for the U.K. GDP release if you’re thinking of trading the report!
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