- Australia’s AIG construction index down to 46.1 vs. 46.3 last month
- Australia’s ANZ job ads down by 1.2% vs. 0.9% uptick last month
- Japan’s leading indicators down from 102.1% to 101.4% vs. 101.6% expected
Forex traders started the trading week with a snoozer, as the major currencies barely moved from their weekly open prices. What’s up with that?!
Mixed market sentiment – Asian session market players barely touched their buy and sell buttons, as they digested headlines from last Friday and over the weekend.
Aside from the not-so-awesome NFP report, they also have to weigh in China’s National People’s Congress setting its GDP target range between 6.5% – 7.0% for 2016, which would mark the slowest expansion in 25 years. It also didn’t help that a bit of risk aversion boosted the yen across the board.
Another positive session for oil – Oil traders were happy enough to continue last Friday’s price action. As I mentioned in my U.S. session recap, a drop in U.S. oil rigs had boosted the Black Crack’s prices. Brent crude oil is currently up by 1.65% while U.S. oil is 1.92% higher than its open price.
Major Currency Movers:
JPY – The low-yielding yen took advantage of a slight risk-averse vibe in the markets.
USD/JPY fell by 33 pips (-0.29%), EUR/JPY slipped by 33 pips (-0.26%), GBP/JPY dropped by 47 pips, and AUD/JPY inched 11 pips lower (-0.11%).
- 7:00 am GMT: German factory orders (-0.4% expected vs. -0.7% previous)
- 8:00 am GMT: Switzerland foreign currency reserves
- 9:30 am GMT: Euro Zone Sentix investor confidence
Bonnie and Clyde, peanut butter and jelly, Kanye West and Kanye West. Some things just go well together.
Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!