Forex trading headlines from the European morning session 29 May
News:
- Pro-Russian rebels shoot down Ukrainian helicopter leaving 14 dead
- BOJ’s Shirai says they will make clear their monetary base target at the appropriate time
- BOJ reveals revised JGB guidance
- BOE says FLS net lending to businesses fell by GBP 2.78 bln in Q1
- Bank of Spain gov Linde says Eurozone growth still fragile and uneven
- Gold continues to lose its shine
- In case you’re thinking forex markets are tough here’s another way to make a million
Data:
- Spanish Q1 GDP final y/y +0.5% vs +0.6% exp
- Nikkei closes up 0.07% at 14,681.72
- Shanghai Composite Index closes down 0.47% at 2040.60
We’ve seen some decent moves this morning but the jury remains out as we await US data
Early action saw GBPUSD drop from 1.6723 to 1.6693 and EURUSD from 1.3605 to 1.3587 as yen strength also took USDJPY to 101.53 with GBPJPY down to 169.53 and EURJPY to 137.98
As quickly as we went down though we saw a reversal/profit-taking kick in to send GBPUSD up to 1.6740 and EURUSD 1.3624 leaving USDJPY marooned around 101.55 with USDCHF coming off to 0.8960 after once again failing at the 0.8990-0.9000 resistance.
EURGBP though has been its usual month-end steadily supported self and has edged higher to 0.8148 from 0.8132 helping to put a cap on cable which has drifted off again to 1.6713
AUDUSD continued on its march higher that began in Asia and we cleared out 0.9300 offers to post 0.9312 before retreating to 0.9293 as I type with NZDUSD enjoying a bit of a rally to 0.8509 before falling back to 0.8488. NZDUSD had a look at 1.0850 bids but then rallied to 1.0873 before drifting back off
US data risk up next with Q1 GDP, core PCE and weekly jobless claims hopefully providing some impetus
