- Japanese leading indicators down from 105.6% to 105.1%
- Swiss foreign currency reserves and CPI data due
Looks like forex traders are sittin’ tight ahead of the NFP! Dollar pairs barely budged in the past few hours but we did see a bit more volatility among the comdoll crosses.
EUR/USD is down 7 pips (-0.06%) and holding steady above the 1.1000 handle while GBP/USD is up 5 pips (+0.03%) around the 1.5240 mark. The Australian dollar managed to advance against its currency counterparts in the past few hours, with AUD/USD up 14 pips (+0.18%) and EUR/AUD down 40 pips (-0.30%).
The only report released in today’s Asian session was the Japanese leading indicators figure, which indicated a drop from 105.6% to 105.1% in January instead of improving to the estimated 105.9% reading. The yen had a mixed performance so far, as USD/JPY is down 5 pips (-0.04%), EUR/JPY is lower by 13 pips (-0.10%), and GBP/JPY is also down by 5 pips (-0.03%).
Up ahead, the forex calendar shows that we’ve got the Swiss foreign currency reserves and CPI data due starting 9:00 am GMT. A few medium-tier reports from the euro zone, namely the German industrial production and French trade balance are also lined up, along with the region’s revised GDP reading.
Unless we see any surprises though, major pairs might continue to tread carefully ahead of the NFP release later on. Make sure you read my buddy Forex Gump’s Trading Guide for the U.S. Jobs Report in the meantime!
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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!