London Session Recap
- German unemployment change worse than expected at 10K
- German CPI up by 0.2% vs. 0.1% estimate, -0.2% previous
- BOE decides to refocus FLS to smaller firms
The pound was able to extend its gains against its counterparts in today’s London trading session when the BOE decided to refocus its Funding for Lending Scheme to smaller firms in reviving mortgage demand among those. Although shares of British construction companies sold off on this news, analysts took it as a sign that the central bank is keen to keep house price inflation contained and that it is likely to be as careful with overall consumer price levels.
On the other hand, the euro had difficulty climbing any higher when German jobs data came in weaker than expected. Unemployment increased by 10K in October instead of staying flat as analysts expected. German import prices were also weaker than expected with a 0.7% decline while preliminary CPI printed a 0.2% uptick.
U.S. banks are on Thanksgiving holiday today so there are no major reports lined up over the next few hours. Be mindful of potential profit-taking scenarios before traders head off to warm up for their Black Friday shopping sprees!
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!