- French q/q +0.3 vs. +0.2% forecast; German q/q +0.4% vs. +0.3% forecast
- European Trade Balance: 13.9B EUR vs. 14.5B EUR
- European GDP (1st est.) q/q: +0.3% vs. +0.2%
We saw a good amount of European data during this morning’s London session, mainly in the form of preliminary GDP data. This was mostly better-than-expected, sparking a broad euro rally. Unfortunately for euro bulls, this was a brief move as the shared currency was faded against the majors. The euro is able to hold its gains against the Greenback, up 27 pips (+0.20%) to 1.3705, but slightly down on the session against the British pound -7 pips (-0.9%) to .8202.
The Japanese yen saw some strength across the board thanks to weakness in the Japanese equity markets. USD/JPY is currently down 35 pips (-0.35%) on the session to 101.80.
For the rest of this week’s session, manufacturing sales data is due out from Canada at 1:30 pm GMT and it tends to be a market mover for the Canadian dollar–Loonie traders watch out! At the same time, import price data is set to be released from the U.S.
At 2:15 pm GMT, we’ll get the U.S. capacity ultilization rate and industrial production data. And finally, at 2:55 pm GMT, we’ll see the big market mover of the day for the Greenback in the form of the preliminary University of Michigan consumer sentiment report. It’s forecasted to come in below the previous read (80.2 vs. 81.2), so be on your toes for this potential market mover!
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!