Forex News | Currency News by Forexlive

EUR/JPY has seen a round of selling in the last 10 minutes, pushing prices back below 117.00. Related markets are contributing to the slide but don’t appear to be the sole reason. US equities are down about 1.9%, not too far from session lows.

Poor data in both the eurozone and US have upped risk aversion once again with few seeing an economic turnaround until 2010 as signs of an economic bottom are few and far between.

Overnight lows at 1.3029 are eyed in EUR/USD near-term with stops clustered just below 1.3000 near-term.

EUR/JPY is making fresh lows as we write having triggered stops below 117.20. 116.70/80 is support near-term with more at 116.10.

SNB President Roth says he has yet to see an overshooting of the Swiss franc. We should not become nervous, he says, saying we have to monitor the situation now. Interest rates in Switzerland will remain low for a relatively long period. Swiss franc appreciation has bee painful for exporters so the SNB is watching carefully. We are always ready for any situation, he concludes, via Bloomberg.

Sounds like lots of watchful waiting from the SNB. Just don’t push too far.

EUR/CHF trades at 1.4980, up from 1.4932 lows after the poor US housing data.

Interbank traders say there is demand for EUR/USD at the up coming 16:00 GMT fixing but that there is also EUR/GBP to be sold. Net/Net, looks like Cable will be the beneficiary.

EUR/USD trades at 1.3080 while EUR/GBP is at 0.9135, just above session lows.

More straight talk from French finance minister Lagarde (who used to be senior partner in a big Chicago law firm). She says Q4 GDP will be “really bad”. I like officials who will give it to you straight.

EUR/USD has slipped to the 1.3060s on horrible economic data in both the eurozone and US.

Dealers note talk that the BIS was a buyer in the 1.3080 area on the way down but was filled in quite easily.

There’s and interesting concept: China is not trying to generate an “excess” trade surplus, as though it has a divine right to the surplus of its choosing. It is finding out the hard way that it’s a two-way street. He also says he is trying to give the market a positive signal. Thanks for that, your premiership…

Awful US economic dat has sapped the markets of animal spirits. Stocks and commodities are falling, dragging EUR/JPY down to 117.50 in the process.

A bottom for home sales? Guess again. Having seen an uptick in existing home sales, a small drop was expected. Instead, a big, big drop. hard to justify buying a new home when you can buy won from a distressed seller like someone facing foreclosure, or from a bank which has already foreclosed.

EUR/USD has fallen back below the 1.3100 level as stocks shed their Wednesday gains.

Chinese Premier Wen is making a stop in Germany after his Davos appearance. Chancellor Merkel and the Premier have agreed to avoid protectionism and maintain at least 2008 trade levels through 2009. Sounds nice in theory, but it is hard to see how the plan would work in practice, especially from the German perspective.

Merkel says leading industrial nations must not live beyond their means. Americans seem to agree, at least at the moment, and have stopped buying BMWs and Mercedes. How’s that working out for you, Frau Chancellor?

EUR/USD trades in choppy ranges this morning, largely being pushed around by cross flows. Soft US equities are limiting rallies near-term.

Bank of England Governor Mervyn King says the Bank will first focus on corporate bonds, commercial paper and CGS paper (what ever that is). They methods used will vary depending on market structure for each asset, he says while saying they will increase buying gradually. The Bank will keep it under review if it wants to uses asset purchases as part of monetary policy. If so, it will ask the government to authorize a change of scale in the program.

Cable has lost some of its bid after earlier reports of Sterling buying from Asian central banks. It trades now at 1.4290.

• As noted earlier, USD/JPY strikes expire at 90.00
• AUD/USD strikes roll off at 0.6600
• USD/CAD strikes at 1.2090 and 1.2115
• Options expire at 15:00 GMT, 10 am in New York

The pound is out-performing today as dealers continue to cover shorts. The pound has stabilized in recent days, spurred in part by European jawboning over the weak pound, as well as on comments from Soros that he was covering shorts. This morning’s better than expected home price data helped reinforce the trend.

EUR/GBP trades down at 0.9166 from above 0.9500 earlier in the week. Cable is firm at 1.4350.

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