- US new home sales at 468K, upward revision in previous figure
- New Zealand shows higher than expected trade surplus of 306 million NZD
- New Zealand visitor arrivals up by 2.6% year-over-year
Time to bust a move! Several consolidating major currency pairs finally broke out in yesterday’s New York trading session, with EUR/USD crashing to a low of 1.3661 and USD/CHF making it to a high of .8931. USD/CAD extended its gains in recent trading while USD/JPY stayed stuck in its current range.
Data from the US was better than expected, with the new home sales report showing a stronger than expected 468K increase and enjoying an upward revision in the previous period’s figure. Risk aversion was also on the Greenback’s side, as the conflict in Ukraine worsened. Apparently, there have already been threats of military action and the government is scrambling to come up with contingency plans in case the local currency collapses.
On a brighter note, data from New Zealand printed better than expected results, allowing NZD/USD to make a quick bounce. The trade surplus came in at 306 million NZD, higher than the estimated 230 million NZD figure, but the previous figure was revised lower. Visitor arrivals showed a 2.6% annual increase, stronger compared to the previous 0.3% uptick.
Watch out for the release of Australia’s private capital expenditure report, as it is expected to print a 1.0% drop for the quarter and possibly push Aussie pairs lower. Do keep close tabs on the situation in Ukraine and its impact on market sentiment if you’re trading today. Good luck!
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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!