Euro Regains Key Average, Data to Rouse Sleepy Markets
Euro starts Tuesday Asia above its closely-watched 55 dma, which was alerted in Friday morning. The UK and US were shut down for holidays but the upcoming session promises to be much busier with a full slate of economic data (UK, Ezone & US PMIs as well as US Jobs data).
Monday featured Q1 Canadian GDP. The report showed the economy expanded 0.3 per cent compared to the 0.2 expected. CAD made small gains following the report and traded right alongside USD as the top performer.
A pair to focus on in the day ahead will be NZD/USD. The brief rise to a record high has been rejected and the pair is now 70 pips below the 0.8219 high. As volume returns to the market we are likely to see another push higher. A second break to a fresh record would offer a solid buy signal.
Gold is also in focus as it nears a record high. It last traded at 1538. Safe haven demand due to worries in Europe have helped to fuel a rally. Slowing growth in the US is another reason to buy as it increases the likelihood of low rates for a long period, further QE or more government spending -- all factors that may cause a USD deterioration and help boost gold.
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The lack of news flow will change abruptly once markets open in the Asia-Pacific region. Japan will release employment, industrial production, the manufacturing PMI and household spending. Australia releases current account figures and New Zealand has business confidence.
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