- U.K. BRC shop price index down by 1.7% vs. 2.0% decline last month
- China’s Caixin services PMI up from 51.2 to 52.2 vs. 51.4 expected
- Japan’s leading indicators down from 101.8% to 99.8% in February
Forex bulls came out to play today, thanks to recoveries in commodity prices and equities markets. How did your favorite currency fare?
China’s Caixin services PMI – With not much major data to price in, forex traders turned their eyes to China’s PMI numbers. Continued business expansion boosted the services expanded from 51.2 in February to 52.2 in March. However, the employment sub-component showed a slip from 51.3 to 48.9, a first in two and a half years. Overall the choppy report was taken positively and contributed to the overall risk appetite.
Recoveries in commodity prices – Yesterday the comdolls ended the day on a high note after an oil inventory report showed notable decreases. Seems like Asian session traders stuck to theme, and extended the moves throughout the session.
Gold prices inched 0.03% higher while copper also saw a 0.23% hike. Meanwhile, Brent crude oil is up by 1.85% to $38.56 and U.S. oil is up by 2.65% to $36.84.
Major Currency Movers:
JPY – The low-yielding yen continued to gain against its European counterparts but lost pips to the Greenback and the comdolls.
USD/JPY inched 6 pips higher (+0.54%) and EUR/JPY slipped by another 8 pips (-0.06%) while AUD/JPY popped up by 28 pips (+0.34%) and CAD/JPY shot up by 24 pips (+0.29%).
Comdolls – Thanks to a risk-friendly trading session and increases in commodity prices, the comdolls made pips rain throughout the session.
AUD/USD rose by 22 pips (+0.29%), USD/CAD dropped by 33 pips (-0.25%), and NZD/USD climbed by 14 pips (+0.21%).
- 6:00 am GMT: Germany’s industrial production (-1.8% expected vs. 3.3% previous)
- 8:10 am GMT: Euro Zone retail PMI previously at 50.1
- 8:30 am GMT: U.K. quarterly housing equity injection (-9.2B GBP expected vs. -8.8B GBP previous)
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!