Article Highlights

  • Canadian building permits down by 6.7%
  • U.S. initial jobless claims at 330K, previous figure revised to 345K
  • Australian HIA new home sales up by 7.5%
  • Chinese trade balance release coming up
Partner Center Find a Broker

Most dollar pairs took a chill pill in yesterday’s U.S. trading session, as traders started positioning themselves ahead of today’s NFP release. Initial jobless claims in the U.S. came in better than expected at 330K versus the estimate at 337K, but the previous week’s figure was revised up from 339K to 345K.

Over in Canada, another dismal report was released. Building permits came in weaker than expected and showed a 6.7% decline instead of the estimated 2.3% drop, but the previous month’s figure was revised higher from 7.4% to 8.0%. The new housing price index stayed flat in November even when analysts projected a 0.2% uptick.

Meanwhile, the freshly released Australian HIA new home sales report was much more promising as it posted a 7.5% rise. This might keep the Australian dollar afloat for the rest of today’s Asian trading session, unless the upcoming Chinese trade balance release posts disappointing results. The surplus is estimated to narrow from 33.8 billion USD to 32.6 billion USD, reflecting a slight decline in trade activity.

Also due in today’s Asian trading session is Japan’s leading indicators index, which might show a 110.9% figure, up from the previous 109.8% reading. Stronger than expected results might spark a Nikkei rally and boost risk appetite among yen pairs.

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!