- Japan’s leading indicators up from 100.8% to 102.7% vs. 102.6% expected
- American Petroleum Institute (API) shows first inventory buildup in 8 weeks
- Markets brace for President-elect Trump’s presser
Forex price action was a mixed bag of nuts, as Asian session players brace for President-elect Trump’s press conference due later today.
Mixed risk sentiment –Asian bourses are in the green today as they follow the footsteps of their Asian counterparts amidst thin trading conditions. Gains are capped, however, by uncertainty over Trump’s press conference scheduled today.
It will be his first presser since getting elected in November, and he’s expected to repeat his plans to “Make America Great Again” and maybe share details on how he can achieve them. Traders are especially on the lookout for any details on his tax and infrastructure spending plans.
Nikkei is up by 0.38%, Hang Seng is up by 0.81%, the Shanghai index is down by 0.58%, and Australia’s A SX 200 is up by 0.19%.
Slight recovery in oil prices – Oil bears took a breather today after pushing Black Crack lower for the past two days. Bears remain on the ready though, after the American Petroleum Institute (API) reported an inventory buildup of 1.5 million barrels last week, its first inventory increase in eight weeks.
Luckily for the bulls, Brent crude oil is up by 0.15% to $53.72 while U.S. crude oil prices is also up by 0.26% to $50.95.
Major Market Movers:
USD – The Greenback started the session on a strong note before dollar players took profits near the end of the mid-session break.
EUR/USD slipped to 1.0536 before recovering to 1.0546, USD/JPY shot up to 116.25 before calling it quits at 116.01, and USD/CAD popped up to 1.3254 before settling down to 1.3243.
- 10:30 am GMT: U.K. manufacturing production (0.6% expected, -0.9% previous)
- 10:30 am GMT: U.K. goods trade balance (-11.2B GBP expected, -9.7B GBP previous)
- 10:30 am GMT: U.K. construction output (0.3% expected, -0.6% previous)
- 10:30 am GMT: U.K. industrial production (0.8% expected, -1.3% 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!