Forex trading headlines from the European morning session 12 May

News:

Data:

After Friday’s continued fall-out and with no data to guide along the way we’ve had an understandably cautious/slow session but the euro has still failed to impress albeit in tight ranges.

EURUSD has spent most of the time around 1.3760-65 after the reported decent bids at 1.3750 had held o/n but there has been no serious attempt to rally. EURGBP similarly had held the 0.8150 barrier option support but the pound took advantage of a lack of rally beyond 0.8165 and we’ve seen a dip to 0.8144 so far.

That EURGBP dip came at the same time as GBPJPY took a few shorts by surprise and from 171.85 steadily chewed through resistance at 172.00-10 to post 172.29 in the midst of the next sell areas. GBPUSD had a run up to 1.6895 from 1.6860 and has been camped just below since that time with the pound enjoying the best of a quiet morning.

Also still under the cosh has been the swiss franc which has seen USDCHF looking to target 0.8885 with bids now on the 0.8850 pivot while EURCHF is still around 1.2210 despite euro losses elsewhere.

USDJPY has found support in a tight 101.85-95 range on the GBPJPY buying with a large option expiry at 101.80 and more above 102.00 keeping it hemmed in.

AUDUSD similarly finds itself pinned in a tight range by large expiries today while USDCAD and NZDUSD have also suffered the Monday morning blues on the back foot but going nowhere fast.

Let’s hope our friends across the pond can liven things up.