- US PPI up by 0.2% vs. 0.1% decline expected, 0.1% decline previous
- US NAHB housing market price index up to 58 vs. 55 reading expected, 54 previous
- Dairy auction prices drop again
- BOJ monetary policy decision on tap
Major currencies saw mixed price action during the U.S. forex trading session, as investors priced in economic reports and traded intraday technical levels.
The euro continued to find support during the session after the euro zone’s ZEW report printed at its highest reading in five months. EUR/USD inched another 32 pips higher to 1.2536 while EUR/JPY clocked in a 72-pip gain to 146.57 and EUR/GBP shot up by 28 pips to the .8020 level.
The New Zealand dollar wasn’t as fortunate. A weak milk auction in New Zealand weighed on Kiwi, and dragged NZD/USD 29 pips lower to .7925, EUR/NZD 97 pips higher to 1.5819, and GBP/NZD 53 pips higher to 1.9725.
The rest of the major currencies showed limited price action. The Greenback gained pips on the pound and the yen with GBP/USD slipping by another 15 pips to 1.5631 and USD/JPY hitting a session low of 116.34 before popping back up to 116.93.
The Loonie also gave pips to the dollar thanks to another drop in oil prices. USD/CAD popped 7 pips higher to 1.1299. Meanwhile, AUD/USD remained untouched by New Zealand’s weak milk prices, as it actually inched 16 pips higher to .8726.
Will comdoll bulls and bears extend yesterday’s trends? Today’s Asian forex trading session promises to be an interesting one, as Australia is due to print its Westpac MI leading index report at 11:30 pm GMT, followed by the BOJ’s monetary policy decision some time in late session trading.
Analysts aren’t expecting new from the central bank this month, but do keep your eyes peeled for any announcements that might influence the yen crosses’ long-term trends.
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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!