- U.K. GfK consumer confidence up from -8 to -7 vs. -8 expected
Forex price action was a mixed bag of nuts, as profit-taking got mixed in with a bit of bearishness from yesterday’s Wall Street performance.
Mixed price action – Forex trading volatility was as tight as holiday crowds in shopping places, as market players get ready for the not-so-busy week ahead.
The Asian bourses sustained some losses following Wall Street’s lacklustre performance yesterday. Of course, it also didn’t help that Japan will be on a holiday tomorrow in celebration of the Emperor’s birthday.
The lack of economic releases during the session also made it made it even harder for investors to put money in fresh speculations. Last but not the least, forex traders are likely on the sidelines while keeping their eyes on Uncle Sam’s data dump coming up during the U.S. session.
Australia’s A SX 200 is up by 0.54%, Hang Seng is down by 0.76%, Nikkei is down by 0.06%, and the Shanghai index is up by 0.05%.
Major Market Movers:
USD – The Greenback’s price action was mixed as it steadied against its fellow low-yielders but lost a couple of pips on the euro and the pound.
EUR/USD is up by 14 pips (+0.13%) to 1.0441 and GBP/USD is also up by 18 pips (+0.15%) to 1.2368 while USD/JPY is right near its open price at 117.54. Ditto for USD/CHF, which only slipped by 7 pips (-0.17%) to 1.0253.
Comdolls – High-yielding, commodity-related currencies were all over the place even though there weren’t any notable catalysts to push them in either direction.
AUD/USD hit a session low of .7225 and a high of .7259 before calling it quits a pip below its .7246 open price. Same goes for NZD/USD, which shot up to a high of .6909 and dipped to .6893 before closing at ending the session near its open price. Meanwhile, USD/CAD just plain went up by 16 pips (+0.12%) to 1.3422.
- 8:00 am GMT: German import prices (0.2% expected, 0.9% previous)
- 10:00 am GMT: ECB economic bulletin
- 11:00 am GMT: Italian retail sales (0.4% expected, -0.6% 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!