- NZ visitor arrivals down by 1.1% in April vs. 4.1% increase in March
- NZ credit card spending (y/y) up by 9.1% in April vs. 4.8% uptick in March
- G7 Finance Ministers’ summit in Japan begins today
Ho-hum. It was a pretty chill session for forex traders, as a lack of economic catalysts inspired tight ranges and commodity-related price action.
Quiet day for Asian session traders – With no major economic reports on deck, some traders chose to stay in the sidelines today. Some say that traders are still pricing in the latest FOMC meeting minutes and the hawkish speeches from the members yesterday while others point to today’s G7 Finance Ministers’ meeting in Japan for the lack of willingness to participate in the markets.
In any case, we saw mixed price action among the major currencies with the Greenback seeing tight ranges against its European and fellow low-yielding counterparts.
Extended upticks in commodity prices – The currency bulls and bears had a livelier session trading the commodity-related currencies. A bit of profit-taking from yesterday’s selloff weighed on the dollar and pushed the dollar-denominated commodities higher across the board. In the oil’s case, it also helped that supply disruptions in Canada and Nigeria helped abate supply glut concerns.
Gold is up by 0.02% to $1,255.05 while Brent crude is 0.88% higher at $49.24 and U.S. crude oil is up by 0.90% to $49.21.
Major Market Movers:
USD – The Greenback continued to eke out gains against the European and the low-yielding currencies but lost more than a few pips to the comdolls.
EUR/USD slid by 7 pips (-0.06%) and GBP/USD remains below the 1.4600 mark. Meanwhile, USD/JPY popped up by 9 pips (+0.09%) and USD/CHF remained above the .9900 handle.
Comdolls – Thanks to the increase in gold and oil prices, commodity-related currencies like the Aussie, Loonie, and the Kiwi got a couple of punches in against the dollar.
AUD/USD is up by 6 pips (+0.08%), USD/CAD is down by 22 pips (-0.17%), and NZD/USD is up by 19 pips (+0.23%).
- 6:00 am GMT: German PPI (0.2% expected vs. 0.0% previous)
- 8:00 am GMT: Euro Zone current account (19.6B EUR expected vs. 19.0B EUR previous)
- 10:00 am GMT: U.K. CBI industrial order expectations (-13 expected vs. -11 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!