Article Highlights

  • Japanese BSI manufacturing index up from -6 to +11 this quarter
  • German final CPI and wholesale price index due
  • BOE MPC member Forbes’ speech lined up
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I wish I could say that forex price action was as epic as the “History of Rap 6” by Jimmy Fallon and JT, but it seems that traders were in no mood for a hip-hop showdown today. There wasn’t much on the economic docket anyway, with only the Japanese BSI manufacturing index report showing an improvement from -6 to +11 for the current quarter.

AUD/USD is consolidating below the .7100 barrier and is down 7 pips to .7063 (-0.10%) and NZD/USD is up 10 pips past the .6300 major psychological support (+0.35%). Yen pairs are edging higher, with risk appetite still in play, as USD/JPY is up 15 pips (+0.12%) to 120.75, EUR/JPY is up 35 pips (+0.26%) to 136.40, and GBP/JPY is up 28 pips (+0.15%) to 186.58.

Pound pairs could see a bit more volatility in the next few hours, with BOE monetary policy committee member Kristin Forbes set to give a testimony during the 47th Money, Macro and Finance Research Group Annual Conference. Although the BOE already shared their economic views during their policy statement yesterday, additional remarks on the resilience of the U.K. economy and the BOE’s rate hike forecasts could give the pound another boost.

As for the euro, it could still take some cues from the low-tier reports lined up from Germany and Italy, namely the final CPI reading and wholesale price index from the former and the industrial production figures from the latter.

U.S. Session Recap

Bonnie and Clyde, peanut butter and jelly, Kanye West and Kanye West. 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!