- Spanish Unemployment Change: -60.2K vs. -13.5K previous
Both the Swiss franc and the euro made surprising gains on the session, and with no major news events and a thin Easter holiday market, the support may be from on comments from Greek Finance Minister Yanis Varoufakis on Sunday, reassuring that Greece will be able to pay their next loan payment to the IMF, which is due on Thursday. We also got better-than-expected Spanish unemployment data this morning potentially supporting the euro. Whatever the case may be for forex traders to start buying, both currencies are broadly, although slightly up on the session against the majors:
EUR/USD is up 15 pips (+0.14%) to 1.0981, CHF/JPY is up 37 pips (+0.30%) to 125.20 and EUR/CHF is up 5 pips (+0.05%) to 1.0444
The British pound is also finding a bid on the session with no direct catalysts, which means it’s a possible bounce from recent weakness ahead of the upcoming national elections in May, or possibly position ahead of this week’s U.K. PMI or Bank of England monetary policy meeting.
GBP/USD is up 30 pips (+0.20%) to 1.4945, GBP/JPY is up 53 pips (+0.30%) to 177.96, GBP/AUD is up 51 pips (+0.27%) to 1.9587
The forex calendar for the Monday afternoon London/morning U.S. session will start out the new week with a couple of mid-to-top tier events from North America.
Both at 2:00 pm GMT, we’ll get the ISM Non-manufacturing survey data (56.6 forecast vs. 56.9 previous) and the Canadian Ivey PMI (49.7 previous). Both are measures of economic activity in the for their respective countries through surveys given to purchasing managers. Both have short-term market moving potential if we see outsized surprises, so be on the lookout for action in USD/CAD during these data releases. Stay frosty!
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