Morning Preview: Stocks Stutter and the Yen Charges
Rowan Crosby • 1 min read
After what only can be described as a massive run-up, stocks actually had their weakest day in more than seven weeks. Although they were only slightly lower. For whatever reason, it's the Japanese Nikkei that continues to rip higher. After the news on Abe and the election over the weekend, the local markets continue to rip higher. However, markets might be in for a slower start as there was some late weakness in US trade.
Interestingly the USD/JPY wasn’t able to hold onto the 114.00 level. I think pullbacks here could be a nice opportunity to be buying. We are at an important level currently which is resistance turned support so I’ll have some more updates on this as the day rolls on.
Generally, the USD was higher across the board. We ended up touching the 94.00 on the US Dollar Index before declining slightly.
US Dollar Index (DXY) – 240 min Chart.
Top Economic Data This Week
EUR – German Manufacturing PMI
AUD – CPI
EUR – Business Climate
GBP – GDP
USD – Core Durable Goods & New Home Sales
CAD – BOC Monetary Policy
EUR – ECB Interest Rate Decision
USD – Pending Home Sales
USD – GDP