- US existing home sales at 4.87M vs. 4.94M forecast, previous figure downgraded
- US CB leading index at 0.1% vs. 0.2% forecast
- US flash manufacturing PMI down from 54.4 to 53.7 vs. 55.2 estimate
- Canadian core and headline retail sales stronger than expected
Weak US economic data left the Greenback defenseless against most of its major currency rivals, as it lost ground to the pound, franc, euro, and yen. Against the commodity currencies though, the US currency managed to hold on to its gains and go for more.
US existing home sales fell below expectations of a 4.94M figure and came in at 4.87M. Even worse, the previous month’s reading was revised down from 4.90M to 4.82M. On top of that, the CB leading index also disappointed with a mere 0.1% uptick instead of the estimated 0.2% increase while the flash manufacturing PMI slipped from 54.4 to 53.7 instead of improving to 55.2. The only piece of US data that came in better than expected was the initial jobless claims report, which showed a 326K figure instead of the estimated 331K reading.
Over in Canada, retail sales figures came in surprisingly better than expected, allowing USD/CAD to briefly retreat from its sudden surge after the BOC rate statement. Core retail sales increased by 0.4% while headline retail sales had a 0.6% increase, stronger than the estimated 0.3% rise.
Only the New Zealand credit card spending report is scheduled for release in today’s Asian trading session and this could allow NZD/USD to make volatile moves, depending on how the actual data turns out. If you have any trades open or if you’re planning to take trades in the next few hours, make sure you keep close tabs on market sentiment!
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!