European Session Recap
- Italian industrial production at 0.2% vs. -0.2% previous
- Canadian markets closed for Remembrance Day
- U.S. open bond markets closed for Veterans Day
Despite the lack of market-moving news during the early London session, the major currencies managed to clock in significant moves. EUR/GBP bounced at the .8350 area, which set the stage for EUR/USD’s break above the intraday consolidation at 1.3350 and GBP/USD’s descent from 1.6025 to the 1.6000 support. USD/JPY is also trading at 99.20 after briefly touching the 98.90 zone.
The U.S. open bond markets and Canada are on bank holidays today and no economic report is expected to be released. This means that you gotta watch out for any technical breaks as well as surprises that might affect risk appetite. I hear that Bundesbank President Weidmann has a thing or two to say in his speech at 6:00 pm GMT!
U.S. Session Recap
- October U.S. non-farm payrolls at 204K vs. 121K expected
- U.S. unemployment rate rises from 7.2% to 7.3% but on lower participation rate
- Canadian unemployment rate at 6.9% (vs. 7.0% expected)
- Preliminary UoM consumer sentiment at 72.0 (vs. 74.6 expected)
- China’s inflation rises from 3.1% to 3.2% in October
- China’s industrial production rises by 10.3% in October (vs. 10.1% expected)
The dollar dominated last Friday’s U.S. session trading as Uncle Sam posted surprisingly strong employment numbers. Analysts had expected temporarily weak numbers as a result of the government shutdown in October, but private sector hiring ended up compensating for the job losses in the public sector. EUR/USD dipped to 1.3300, GBP/USD tested 1.5950, and USD/JPY popped (and stayed) above 99.00 after the report was released.
France, Canada, and the U.S. are on bank holidays today so Japan’s current account data at 12:50 am GMT and Australia’s home loans numbers at 1:30 am GMT might have more impact on the Asian currencies than the usual. Australia is expected to print better home loans data last month, but keep your eyes peeled for any surprises!
Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.
Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!