The lack of major catalysts from the US economy led the dollar to give a mixed performance in recent online currency trading. It was able to pack gains against the pound but consolidated to the euro. US PPI data came in stronger than expected, with the headline figure printing a 0.6% increase and the core figure showing a 0.5% gain. For today, US CPI figures are due along with the initial jobless claims release. Core CPI could pick up by 0.1% while headline CPI could show a 0.3% uptick. US Empire State manufacturing index and Philly Fed index are also due today.
The euro struggled to hold on to its recent levels to the dollar but continued to lose ground to the Japanese yen. Euro zone industrial production came in line with expectations and showed a 0.3% decline in activity. There are plenty of major events in the euro zone today, with French and German preliminary GDP figures due. Euro zone flash GDP is expected to come in at 0.4%, higher than the previous 0.2% growth figure.
Online Currency Trading Recap
The pound gave up a lot of its recent online currency gains when the BOE Inflation Report revealed that the central bank was no longer as hawkish as it used to be. BOE Governor Carney acknowledged the recent improvements in the economy but stopped short of increasing growth and inflation forecasts. He also said that a rate hike isn’t necessary to tame housing inflation, as there other fiscal measures that can be used. UK claimant count change also turned out to be a disappointment but the jobless rate still managed to improve to 6.8%.
The yen continued to gain ground in yesterday’s online currency trading sessions as risk appetite waned. Data from Japan was stronger than expected, as the preliminary GDP reading came in at 1.5% instead of the estimated 1.0% growth figure. Tertiary industry activity showed a 2.4% gain in line with estimates. However, it remains to be seen how these figures could be affected by the latest sales tax hike.
Comdolls retreated in the previous online currency trading sessions when risk appetite weakened. There were also no major reports from the comdoll economies to give these currencies support. In New Zealand, the Business NZ manufacturing index slipped from 58.0 to 55.2. Australia’s new motor vehicle sales stayed flat after declining by 0.3% in the previous month. Canadian manufacturing sales is due later on and a 0.2% uptick is expected.
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