The price action is somewhat limited so far today. The PIP range for the major currency pairs shows
- EURUSD 19 pips.
- GBPUSD 23 pips.
- USDJPY 31pips.
- USDCHF 16 pips.
- USDCAD 18 pips.
- AUDUSD 23 pips.
- NZDUSD 22 pips.
All are 30% of the normal range for the pair over the last month of trading.
Is there hope for some action later?
If t you look at the economic calendar, don’t get your hopes up.
In Europe:
- GBP: There is a tentative schedule for a 10-year bond auction with a yield of 4.60 and a bid-to-cover ratio of 2.7.
- EUR: Germany also has a tentative 10-year bond auction lined up with a yield of 2.64 and a bid-to-cover ratio of 1.9.
IN the U.S. and Canada:
- 8:30am (CAD): Canada will release its monthly Building Permits data, which is expected to show a decline of 2.1%, compared to a previous increase of 10.5%.
- 10:30am (USD): The U.S. will announce its Crude Oil Inventories, with an expected increase of 2.1 million barrels, a significant change from the previous decrease of 17.0 million barrels.
- 1:01pm (USD): The U.S. has scheduled a 10-year bond auction with a yield of 3.86 and a bid-to-cover ratio of 2.5.
New Zealand will release their inflation forecast at the top of the hour with:
- 2-year inflation forecast for Q3 coming in last quarter at 2.79%
- 1-year inflation forecast for Q3 came in last quarter at 4.28%
in the major stock indices:
- Nikkei 225 is trading down -0.42%
- Shanghai composite index is down -0.19%
- Hong Kong’s Hang Seng index is up 0.06%
- Australia’s S&P/ASX index is unchanged