A Great Day for Global Economic Data – Now Let’s See the US

We have seen a lot of positive economic data from all regions of the globe recently. But today has been even better; the economic calendar is all green.

The forex market is not taking much notice of the data, which has been going on for quite some time now. The politics are dominating the market nowadays but the attention will shift back to the economic numbers once this sentiment wears out. 

The Italian and Eurozone industrial production posted a massive jump, the German GDP for 2016 ticked up a point, the new loans in China nearly doubled but the surprise came from Japan.

The current account beat the estimations, the bank lending ticked 2 points higher and the economy watchers sentiment moved into positive territory at last, after showing contraction for months and even years. 

It´s great seeing the world economy picking up from a decade of recession and stagnation. The US unemployment claims and import prices are up on the calendar shortly, so let´s see if they can keep up the pace with the rest of the world. 

Perhaps the unemployment claims will bring an end to this USD weakness. If that´s the case, then get ready to buy USD/JPY, because this retrace is a good chance to make some good pips.