- CA wholesale sales up by 0.2% vs. 0.3% uptick expected, 0.2% decline last month
- RBA meeting minutes shows no surprises
- Watch out for China’s data dump
Ho-hum. With no major data scheduled during the U.S. session, forex traders were happy to extend the dollar-selling theme from last week.
In their speeches, Fed members Fisher and Rosengren countered Bullard’s dovish stance by hinting that the Fed would end QE as scheduled. Market players mostly shrugged off the news though, as S&P 500 closed its third consecutive positive day, Treasury yields inched lower, and the dollar saw weakness across the board.
EUR/USD shot up by 36 pips to 1.2805, GBP/USD climbed by 44 pips to 1.6171, and USD/CHF slipped by 22 pips to .9425. The Greenback also weakened against the comdolls with AUD/USD jumping by 32 pips to .8796 and NZD/USD inching 23 pips higher to .7974.
The Loonie was left out of the risk-on trades thanks to further declines in oil prices. Brent crude fell below $86 yesterday as oversupply worries persisted. It also didn’t help that Canada’s wholesale sales only saw a 0.2% growth in August when analysts had been expecting a 0.3% uptick.
USD/CAD rose by 18 pips to 1.1285 while CAD/JPY slumped by 13 pips to 94.70, EUR/CAD jumped by 64 pips to 1.4450, and GBP/CAD rocketed by a whopping 79 pips to 1.8249.
Today’s potentially another big day for the comdolls with a data dump from China on our forex calendar today. Its retail sales (expected at 11.7% vs. 11.9% previous), industrial production (expected at 7.5% vs. 6.9% previous), fixed asset investment (expected at 16.3% vs. 16.5% previous), and real GDP numbers (expected at 7.2% vs. 7.5% previous) are all scheduled at 3:00 am GMT.
Weaker-than-expected Chinese data are generally bad for commodity-related dollars, as it could mean less demand for commodity-producing countries like Australia and New Zealand. Keep close tabs on your AUD, NZD, and even JPY trades in case we see a shift in risk sentiment today!
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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!