- U.S. capacity utilization and industrial production fall short of consensus
- U.S. import prices show 0.1% uptick
- U.S. preliminary consumer sentiment index steady at 81.2
- Canadian manufacturing sales down by 0.9%
- New Zealand quarterly headline retail sales up by 1.2% vs. 1.7% expected
- New Zealand quarterly core retail sales show 0.7% uptick
- Japanese preliminary GDP at 0.3% vs. 0.7% consensus
Traders showed no love for the dollar in last Friday’s New York trading session, as data from the U.S. mostly came in weak. Both capacity utilization and industrial production figures fell short of consensus, while import prices posted a mere 0.1% uptick. The preliminary consumer sentiment figure held steady at 81.2 for February. With that, EUR/USD edged closer to the 1.3700 area while GBP/USD surged past 1.6700.
Several reports were released over the weekend, giving price action an early start for this week. New Zealand showed weaker than expected retail sales figures, with the headline report revealing a 1.2% increase versus the estimated 1.7% rise and the core version of the report printing a 0.7% uptick instead of the projected 1.2% jump. NZD/USD gapped down over the weekend, but it appears that dollar weakness could still prevail.
A few hours ago, Australia released a whopping 3.5% decline in new motor vehicle sales while the previous month’s figure was revised down to show a mere 1.4% increase. Resistance at the .9050 minor psychological level held for AUD/USD right after the release.
As for Japan, its preliminary GDP report also fell short of expectations as the actual figure showed a bleak 0.3% growth, lower than the projected 0.7% figure. This pushed yen pairs lower though, as the Japanese currency benefitted from the flight to safety and the falling Nikkei. Watch out for the release of the industrial production report in today’s Asian session.
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