Article Highlights

  • Australia’s Westpac consumer sentiment up by 8.5% in May vs. 4.0% decline in April
  • Australia’s home loans down by 0.9% vs. 1.4% decline expected, 0.9% uptick in February
  • Japan’s leading indicators up by 98.4% vs. 96.4% increase expected, 96.8% previous
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Forex price action was a mixed bag of nuts, as the dollar gained pips on the European currencies but lost to the comdoll gang. What’s up with that?!

Major Events:

Australia’s lower tier data – The Aussie got a small boost in the early Asian session trading after the Land Down Under printed a much better-than-expected consumer sentiment report. The data showed an 8.5% uptick in May, the largest increase in almost six years.

The bullish move didn’t last though, as Australia soon saw a 0.9% dip in its home loans report after showing a 0.9% uptick in February. It also didn’t help that the weaknesses in China’s equities markets soon soured the investors’ appetite for risk.

Dip in oil prices – The Black Crack slipped a bit across the board on a bit of profit-taking from yesterday’s moves as well as speculations that Canada’s production is about to get back on its feet. Brent crude oil slipped by 0.07% while U.S. crude oil is also down by 0.09%.

Major Market Movers:

JPY – The low-yielding yen gained back its mojo after getting clobbered in the previous trading sessions. USD/JPY lost 50 pips (-0.46%), EUR/JPY is down by 45 pips (-0.36%), and GBP/JPY is down by 65 pips (-0.415).

USD – The Greenback had a mixed trading session as a lack of fresh catalyst pushed it lower against its European counterparts but higher against the comdolls.

EUR/USD inched 9 pips higher (+0.08%), USD/CHF slipped by 12 pips (-0.13%), and GBP/USD crawled 4 pips higher (+0.03%).

Watch Out For:

  • 8:30 am GMT: U.K. manufacturing production (0.4% expected vs. 1.1% decline previous)
  • 8:30 am GMT: U.K. industrial production (0.7% expected, -0.3% previous)

See more:

U.S. Session Forex Recap

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