Article Highlights

  • Canada foreign securities purchase at 4.41B CAD vs. 9.24B CAD expected
  • US flash manufacturing PMI at 54.4 vs. 55.0 expected
  • US industrial production at 1.1% vs. 0.6% expected
  • New York manufacturing index at 1.0 vs. 4.9 expected
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The lack of tier 1 reports during the U.S. session inspired consolidation moves from the major currencies. EUR/USD and GBP/USD fell by about 50 pips at the start of the session were soon locked in tight ranges. Even USD/JPY stayed within the 103.00 area despite the release of manufacturing and industrial production numbers from Uncle Sam.

Will we see the same behavior until the FOMC statement on Wednesday? Today’s Asian session is all about Australia with the RBA meeting minutes and the new motor vehicle sales on schedule. The RBA’s mid-year economic and fiscal outlook will be up at 2:30 am GMT, so we might see a bit more volatility than the usual from the Aussie pairs. Watch out!

See also:

London Session Recap

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

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