- Japan’s leading indicators down from 105.6% to 104.0% vs. 104.2% forecast
- Swiss foreign currency reserves data due
- German factory orders and euro zone revised GDP up for release
It looks like forex traders are busy drafting their NFP strategies for today! Most major pairs stayed flat, with EUR/USD holding on to the 1.2375 mark and USD/CHF with a mere 0.02% gain. GBP/USD saw more movement as it logged in a 0.22% loss so far while USD/JPY made another test of 120.00 and is up 0.20%.
There were no major reports printed in the past few hours, with only the Japanese leading indicators released. The report indicated a decline from 105.6% to 104.0%, lower than the projected 104.2% forecast. Japanese financial company Nomura projected that USD/JPY might reach 125.00 next year, as their economic experts predict that the BOJ might ease again and that the Fed might start hiking rates.
The forex calendar shows that it’ll be a data-light London trading session, with only the Swiss foreign currency reserves data and Germany factory orders report up for release. The SNB’s reserves data might shed more light on whether or not the central bank can intervene in the currency market to defend the franc weak, which might then lead to a few moves for EUR/CHF and USD/CHF. Also due today is the euro zone revised GDP reading, which is expected to hold steady at 0.2%.
Outside of these medium-tier reports, expect a bit of consolidation among dollar pairs as market participants refrain from taking any huge positions ahead of the NFP!
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