Beijing is clearly getting nervous about the pace of growth in the world’s second-largest economy. This week the release of more important economic data will provide us with further insight into what is happening in the world’s second-largest economy.
The Nov. 6-7 EURUSD reverse was not a ‘piercing line’, but close. The Nov. 10 session was not a bullish ‘inverted hammer’, but close. And Friday’s price action did not form a bullish hammer, but it was close.
Tomorrow marks the five-month anniversary of EUR/USD’s peak at 1.40, when ECB President Draghi hinted heavily that the central bank was considering cutting interest rates or engaging nontraditional monetary policy.
It’s been a whirlwind of a morning for U.S. traders, who have been treated to four top-tier monetary policy decisions in last twelve hours (BoJ, Riksbank, BoE, and ECB), as well as some of the most reliable leading indicators for the U.S. labor market.