Forex trading headlines from the European morning session 9 May
Data:
- UK trade deficit March GBP -8.478 bln vs -9.0 bln exp
- German trade balance March sa EUR +14.8 bln vs +16.6 bln exp
- Italian industrial output March sa m/m -0.5% vs +0.3% exp
- Greek economy takes a turn for the worse as inflation and industrial production take a dive
- French budget balance March EUR -28.0 bln vs -25.7 bln prev
- Japanese leading indicator March -2.2 vs -4.6 prev
- Nikkei closes up 0.25% at 14,199.59
- Shanghai Composite Index closes down 0.2%at 2011.24
News:
- Australian police make two arrests in forex probe
- China’s SAFE says economy to maintain stable growth
- Hollande warns euro voters ahead of elections
- No exit polls for the EU elections can be telecast until May 16th
- Renzi worried about populist spread ahead of EU elections
- The SEC goes high-tech to police Wall St
- BOJ officials preparing some further easing measures.Possibly.
- Tokai Tokyo Securities see USDJPY falling to 85 this year
We got off to a quiet start with decent support lines on EURUSD and GBPUSD holding further follow-through from yesterday’s drop but in the past couple of hours we’ve see both pairs on the slide again.
EURGBP has once again been involved with the good tech support and bids around 0.8165 meaning that GBPUSD has finally broken down through good support at 1.6900-10 from 1.6935 highs after UK data and we’ve now posted 1.6872 lows in a hurry on stops being triggered.
EURUSD had bids around 1.3820 and we opened at 1.3835 but the pair has chewed through the support to target the key 1.3775-85 area with a low post of 1.3784 so far as EU data continues to disappoint.
USDJPY has been stuck around 101.70 still caught up on the cross-play action with EURJPY and GBPJPY both under attack again to 140.15 and 171.59 from 140.55 and 172.15 respectively.
AUDUSD and NZDUSD have been in tight ranges but enjoying some cross play support while USDCAD has found a few bids at these lower levels around 1.0815 but sellers seen too.
It’s Friday and it feels a little thin out there so caution is advised before the week-end finally arrives
