Article Highlights

  • Canadian monthly GDP better than expected at 0.3% vs. 0.1% consensus
  • Japanese capital spending weaker than expected at 1.5%
  • Australian building approvals down by just 1.8% vs. estimated 4.3% decline
  • Australian quarterly company operating profits up by 3.9%
  • BOJ Governor Kuroda set to testify
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‘Twas a quiet New York trading session on Black Friday, as most traders were off scouring for good buys in retail stores rather than the forex market. The only economic report released then was the Canadian monthly GDP figure, which showed a higher than expected 0.3% growth compared to the estimate of 0.1%.

Some major currency pairs, such as GBP/USD and NZD/USD, gapped higher over the weekend now that traders seem to be back to their risk-taking selves. The Kiwi was able to get a boost from the stronger than expected 7.5% quarterly surge in its overseas trade index while the Aussie was supported by Chinese official manufacturing PMI, which came in line with expectations at 51.4, and stronger than expected Australian building approvals and company operating profits.

Up ahead we have China’s HSBC final manufacturing PMI, which is expected to show an improvement from 50.4 to 50.5. Data on Australia’s commodity prices is also up for release but the bigger market mover for the rest of the Asian trading session could be BOJ Governor Kuroda’s speech at 3:30 am GMT.

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