- U.S. Q3 2013 final GDP at 2.6% vs. 2.7% expected and 2.4% previous
- U.S. core PCE stays at 1.3% as expected
- U.S. initial jobless claims prints at 311K vs. 323K expected
- U.S. pending home sales drops by 0.8% in February against 0.2% uptick expectations
Think positive news from Uncle Sam would boost the Greenback? Think again! The dollar actually WEAKENED against the pound and the comdolls while it steadied or gained a little against the euro, yen, and the franc.
Yesterday Uncle Sam’s GDP was revised higher and the initial jobless claims came in at its lowest levels since November. It didn’t stop the dollar bears from rushing though, probably because the U.S. pending home sales and the final GDP reading had still missed analysts’ estimates.
The Kiwi and the pound were the top dogs among the major currencies as Kiwi was supported by New Zealand’s better-than-expected trade data while good vibes from the U.K.’s strong retail sales kept the pound bulls alive throughout the session. The euro wasn’t so lucky with investors pricing in more actions from the ECB ahead of next week’s monetary policy decision.
Earlier today we saw a bunch of Japanese data that have yet to significantly affect the yen pairs. Japan’s inflation, retail sales, and unemployment numbers generally showed mixed results. But more on that later.
For now keep your eyes peeled for news on China and the rest of the Asian markets. Also keep in mind that Japan’s fiscal year ends at March 31 so we’ll likely see end-of-year flows among the yen crosses. Watch your trades closely, folks!
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!