- Japanese consumer confidence index up from 40.7 to 41.7 in March
- Nikkei down by 1.17% for the day
- U.K. claimant count change and jobless rate due
Either there wasn’t much in terms of economic data or forex traders were busy geeking out on the new Star Wars VII trailer in the past few hours. Price action was muted, with USD/JPY holding steady just below 119.00 (-0.02%) and EUR/USD hovering around 10 pips above 1.0750 (+0.09%).
The Japanese yen managed to score a few wins after the country’s consumer confidence index was released, as the reading showed an improvement from 40.7 to 41.7 in March. AUD/JPY is down 17 pips (-0.19%), GBP/JPY is lower by a measly 5 pips (-0.05%), and EUR/JPY is flat at 128.10. Despite this upbeat release, the Nikkei logged in a 1.17% loss for the day since risk-taking remained in check.
The Force could be awakened in the forex market during the upcoming London trading session, with the U.K. set to print its latest jobs report. Analysts are expecting to see a 29.1K drop in claimants, weaker compared to the previous 31.0K decline. Nonetheless, the jobless rate for March is expected to fall from 5.7% to 5.6% while average hourly earnings could show a 1.8% pickup for the past three months.
The euro and the franc might also enjoy a bit more volatility since the euro zone final CPI readings and the Swiss retail sales figures are up for release. No revisions are expected for the euro zone’s headline CPI of -0.1% and core CPI of 0.6% for March, but any surprise upgrades might allow the shared currency to extend its rallies. Meanwhile, Switzerland could chalk up an annualized 0.7% rebound in retail sales.
As always, watch out for any news updates that could affect overall risk sentiment, you must!
Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.
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!