- US CB consumer confidence index down from 83.9 to 82.3
- New Zealand building consents up by 8.3%
- UK GfK consumer confidence improved from -5 to -3
- Japanese manufacturing PMI fell from 53.9 to 49.4 this month
- Japanese preliminary industrial production up by 0.3% vs. 0.6% consensus
- New Zealand ANZ business confidence index due
- BOJ to keep monetary policy unchanged?
Huddle up, fellow traders! The forex market is starting to show signs of life as volatility picked up in the past few trading hours. USD/CAD broke down from its tight range and edged to the 1.0950 levels while USD/JPY jumped by more than 50 pips upon testing the 102.00 handle.
Data from the US was weaker than expected, as the CB consumer confidence index slipped to 82.3 instead of landing at 82.9 in April. However, the previous month’s reading was revised from 82.3 to 83.9, reflecting a healthy amount of optimism among consumers. Over in the UK, consumer confidence also showed improvement as the GfK index climbed from -5 to -3, outpacing the consensus at -4.
Japanese data was also a bit disappointing, with the official manufacturing PMI falling from 53.9 to 49.4 in April, reflecting a contraction in the industry. The preliminary industrial production figure chalked up a mere 0.3% uptick, short of the expected 0.6% growth. The BOJ is set to announce its interest rate decision today and probably highlight the recent weaknesses in the Japanese economy, but central bank officials are still widely expected to keep monetary policy unchanged.
New Zealand’s reports were more promising, as building consents boasted of an 8.3% rebound from the previous 1.6% decline. Up for release in today’s Asian session is the ANZ business confidence index which is also likely to show an improvement.
Whew! That’s a pretty busy economic schedule compared to what we’ve been seeing in the past few days, huh? And the trading day is just starting! Do stay tuned for my updates on what’s coming up in the later sessions.
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!