U.S. Session Recap
- U.S. celebrates Thanksgiving holiday
- CA Q3 current account at 15.5B CAD vs. 14.4B CAD expected
- CA PPI at -0.3% vs. -0.5% expected in October
Price action was understandably muted during the U.S. session as our friends in the U.S. celebrate the Thanksgiving holidays. EUR/USD was capped at the 1.3600 area thanks to an upside surprise in Germany’s inflation numbers dampening ECB stimulus speculations. GBP/USD also encountered a ceiling at 1.6350 while the comdoll pairs traded on tight ranges.
Over the next few hours we’ll see how the market reacts to Japan’s reports. Earlier today we saw Tokyo’s core CPI show at 0.6% growth (vs. 0.4% exp), the national inflation numbers come in as expected (0.9%) while the unemployment rate ticked higher from 3.9% to 4.0%. And if that’s not enough, the preliminary industrial production only came in at 0.5% when many had been expecting a 2.1% growth.
Even the GfK consumer confidence report disappointed expectations as it showed a -12 reading against expectations of a -8 figure. Last but definitely not the least, Australia’s private sector credit numbers only grew by 0.3% and not 0.4% as analysts had estimated. Will all these translate to risk aversion today?
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!