Article Highlights

  • Nikkei closed 0.94% lower
  • Swiss trade surplus and German PPI due today
  • U.K. retail sales to rebound by 0.4% in July?
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Dollar bears probably needed to take a break from painting the forex town red after seeing the July FOMC minutes. Consolidation was the name of the game in today’s Asian trading session, although some yen pairs saw more action.

EUR/USD is holding steady around the 1.1120 level (+0.02%), GBP/USD is flat at 1.5670 (+0.00%), and USD/JPY enjoying a small 15-pip lead around 124.00 (+0.13%). EUR/JPY is up 22 pips (+0.17%) and is closing in on the 138.00 handle, GBP/JPY is up 25 pips (+0.17%) near 194.50, and NZD/JPY is up 21 pips (+0.25%) and is testing the resistance at 82.00.

Up ahead, forex traders could take their cues from the release of the Swiss trade balance and German PPI when trading the franc and the euro. Pound traders could wait for the release of the U.K. July retail sales data, which might show a 0.4% rebound in consumer spending compared to the previous 0.2% decline. Stronger than expected data could mean more gains for the British currency, which is already enjoying support from the upbeat CPI readings released the other day.

See also:

U.S. Session Recap

Bonnie and Clyde, peanut butter and jelly, Kanye West and Kanye West. Some things just go well together.

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