USD increases slightly against JPY during today’s Asian session, adding about 0.03%. Investors are in no hurry to open new trading positions before the Fed and the ECB hold meetings during the week, and JPY, in turn, is stable against the backdrop of market uncertainty.
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Despite stability in monetary policy, Canada’s statistic is negative. Thus, the unemployment rate rose immediately by 0.4% to 5.9% against 5.5% in the previous period. The indicator of building permits fell by –1.5% against the forecast of +2.9%.
EUR shows moderate growth against USD during today's Asian session, continuing the development of the "bullish" impulse formed yesterday. At the same time, buying activity for the instrument in the market remains reduced, as investors expect the Fed meeting on Wednesday and the ECB meeting on Thursday. The euro is adding only 0.03%. Published on Monday, macroeconomic statistics from Europe provides the pair with moderate support.
The pair may grow.
On the 4-hour chart, the first wave 1 develops within the started third wave (3) of the higher level. Now, a downward correction has ended as the wave iv of 1, and the fifth wave v of 1 develops, within which the third wave of the lower level (iii) of v is forming. If the assumption is correct, the pair will grow to the levels of 1.3275–1.3387. In this scenario, critical stop loss level is 1.3026.
The pair may grow.
On the 4-hour chart, the first wave of the higher level 1 of (1) of 3 develops, within which the formation of the third wave iii of 1 started. Now, the first entry wave (i) of iii has formed, and the local correction (ii) of iii has ended. If the assumption is correct, the pair will grow to the levels of 1.1176–1.1252. In this scenario, critical stop loss level is 1.0981.
At 03:30 (GMT+2), data on the consumer price index in the PRC for November will be released. It is the main indicator of the inflation rate in the country and determines the change in the level of retail prices for a certain “basket” of goods and services: food, transport, utilities, healthcare and so on. It has a significant impact on monetary policy decisions. It is expected that CPI will grow from 3.8% to 4.2% YoY and slow down growth from 0.9% to 0.1% MoM.
At 00:05 (GMT+2), at the AusPayNet meeting in Sydney, the head of the Reserve Bank of Australia, Philip Lowe, will speak about the Payments System for the Digital Economy. The speeches of the officials of such a high rank traditionally attract the attention of investors, since it can shed light on the further actions of the monetary authorities.