- Japan’s monetary base (y/y) rises by 24.2% vs. 23.1% uptick expected, 24.7% previous
- Japan’s consumer confidence up from 41.3 to 42.0 in August
True to NFP Friday tradition, forex volatility during the Asian session was as eventful as watching paint dry. Read on to see how the major currencies fared in the past couple of hours!
Tight trading conditions – With only a couple of hours left before Uncle Sam prints its highly-awaited NFP report, a lot of forex traders are choosing to stay in the sidelines. See, this month’s NFP reading is particularly important, as it would either support or weaken Fed Chairman Yellen and Vice Chairman Fischer’s hawkish remarks over the Jackson Hole weekend.
Don’t miss Forex Gump’s NFP preview if you’re planning on trading the report!
No output freeze at the OPEC meeting? – Russia’s Energy Minister Alexander Novak reduced prospects of an oil output freeze when he said that major producers are unlikely to reach an agreement at the Algeria meeting this month. Recall that Black Crack prices had been taking hits all week thanks to reports reflecting more supply build up and Novak saying that prices might need to decline further before Russia engages “more actively in the issue.”
Whether it’s profit-taking ahead of the NFP report or traders deciding to shrug off his bearish remarks, oil prices ended up with pretty decent gains for the session. Brent crude oil is up by 0.57% to $4.571 while U.S. oil is also up by 0.58% to $43.41.
Major Market Movers:
JPY – Yen crosses inched higher across the board on a bit of risk-taking and higher commodity prices.
USD/JPY is up by 10 pips (+0.10%) to 103.35, EUR/JPY is up by 15 pips (+0.13%) to 115.76, and GBP/JPY is up by 29 pips (+0.21%) to 137.25.
- 7:00 am GMT: Spanish unemployment change (15K expected, -84K previous)
- 8:30 am GMT: U.K. construction PMI (46.6 expected, 45.9 previous)
- 9:00 am GMT: Euro Zone PPI (0.1% expected, 0.7% 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!