US released a string of economic data today which has disappointed investor’s across the board. The building permits came in at 1.02M which was better than anticipated -steaming the arguments for the housing recovery. However, the Core CPI m/m came in at 0.1% while the forecast was 0.2% with previous reading of 0.1%.
The USDJPY pair is trading above its 50 day (shown in green) and 100 day (shown in yellow) moving averages on a 30 minute time frame. The price action is also trading within the bullish channel which suggests that as long as the price does not break this channel to the downside, the USDJPY pair may keep on moving up. However, the RSI is suggesting that the bias could be to the downside because there is a deflection between the price and the RSI.
The GBPUSD pair is trading in a downward channel on a 30 minute time frame. The trend within this channel looks like becoming stronger, as the price is trying to break its 50 day (shown in green) moving average to the upside. The RSI is also showing a clear sign of deflection which means bias could be to the upside.
The Japanese economic data released today showed that the country’s economy grew at an annualized rate of 3.5% per quarter. The expansion in the economy happened due to an increase in higher
Most of the Asian markets closed in a positive territory on Thursday except Tokyo which decided to take a breather after recording highest level in five years.