- Japan Leading Indicator (Prelim): 105.3 vs. 104.9 forecast, 105.5 previous
The forex market remained mostly quiet during Asia trade with most Asia region banks closed in observance of Easter Sunday. No major moves on the session, even with Japan releasing a better-than-expected preliminary leading indicators number. This is a low tier event, so as expected, the reaction was pretty muted among Japanese yen pairs, initially rallying on data release but already fading less than an hour later after the release. USD/JPY barely budged and continues to trade around the 119.00 handle on the news release, up 9 pips (+0.08%) on the session.
The forex calendar for the upcoming London trading session is just as near barren as the morning Asia session, and potentially more sleepy as European region banks will be closed in observance of Easter Monday.
Our one potential economic catalyst comes in the form of the European Sentix indicator, viewed as an early read of economic health through surveys taken by private and institutional investors. The forecast is for a tick lower from 56.9 to 56.6, and the potential impact of this number is about mid-tier. Not likely a market mover usually, but with the thin markets, there’s a better chance than usual that we’ll see a spike in volatility in reaction to this event.
Also, keep an eye out for fresh developments on the Greek debt story, with the latest speculation on whether or not Greece can make its upcoming loan payments due to the International Monetary Fund (IMF) this week. Any signs of it missing the payment should spark default fears and be a big influence on the euro. Good luck!
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