- CA industrial product price index at 1.4 vs. 0.6 previous
- CA raw materials price index at 2.6 vs. 1.8 previous
- US core PCE at 0.1% as expected
- US personal spending grows by 0.4% vs. 0.1% expected
- US personal income rises by 0.3% vs. 0.2% estimates
- US manufacturing PMI at 57.1 vs. 56.6 expected reading
- US ISM manufacturing PMI at 53.2 vs. 52.0 estimates
Risk aversion was still the name of the game during the U.S. session as investors waited for updates on political tensions in Ukraine.
The Greenback came out on top of its major counterparts thanks to its low-yielding rep and better-than-expected reports from Uncle Sam. EUR/USD fell by around 60 pips during the session while Cable plunged by around 100 pips despite the positive manufacturing PMI report. Even USD/JPY recovered from its Asian session losses, bouncing by 25 pips from its intraday lows.
Meanwhile, the comdolls are locked in their tight ranges. Risk aversion probably would have done a bigger number on them had commodity prices not risen with concerns on Ukraine. Gold gained $25 while oil also went up by $2.05. As a result, AUD/USD and NZD/USD are still on 20-pip ranges while USD/CAD is locked in a 30-pip range after rising during the early London session.
Up ahead we’re looking at Australia for possible volatility. Its building approvals report already came in at 6.8% vs. 0.5% estimates but all eyes will be on the RBA interest rate decision out at 3:30 am GMT. Analysts aren’t expecting anything new from the central bank but keep an eye out in case we see surprises!
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!