Market Review: Wall Street Cash Fails To Follow Through- Again

EUR/USD – The Euro is trading slightly higher against the US Dollar since trading resumed after the weekend break; however, it has yet to recapture the high seen very early in the European trading session.

There were a couple of mid-level reports out of the Euro area today which has helped bring back some Euro risk appetite. The first was Sentix Investor Confidence which was still showing a great deal of pessimism was better than expected at -7.5. The next Euro impacting report was released by Destatis and showed that German Industrial Production had grown by 0.6%. This was not quite the growth that was expected; however, the mood of Euro optimism was definitely bolstered by the previous month’s revision from a loss of 2.6% to a contraction of only 1.0%.

GBP/USD – So far it has been a pretty uneventful day of trading for the Pound, Dollar pair. There have been a few swings back and forth but no advantage for either side has been gained since trading resumed after the weekend. The total range encompassing all of the swings has been less than 80 pips and it appears that with a lack of fundamental data out of both economies today market participants are preferring to wait until they receive some type of indication that will help them pick a side.
The next scheduled data is set to be released at 12:01 AM (UK) when the British Retail Consortium provides Year-over-year Retail Sales Monitor data and the Royal Institution of Chartered Surveyors (RICS) provide House Price Balance information.
USD/JPY – After back to back days to close last week which saw the Dollar rally against the Yen, it seems that like many of the other pairs, traders are content to step back and take a pause so far today.

There were several reports out of Japan which kicked off their trading week, though none of them have seemed to even be noticed. Year-over-year Bank Lending fell by 1.5%, the Current Account Balance was better than expected at 1.71 Trillion Yen and the M2 Money Stock (y/y) was slightly worse than expected at 2.7%. The mixed results posted in these reports only seemed to confuse a market that had already expressed a strong opinion last Thursday and Friday and which may be wondering at what level the value actually belongs.
One somewhat bright spot we did see could be found in the Economy Watchers Sentiment report which while still a reading that indicates pessimism once again continued to improve, this time to 42.1. Even so, it was not enough to provide any type of sustained move in this pair.

From ForexTv.com