Forex trading headlines from the European morning session 9 June
News:
- Abe’s economic plan draft commits to corporate tax reform without specifying target rate
- PBOC cuts reserve requirement ratio by 50 basis points
- BOJ’s Iwata says Japanese economy continues to move in positive direction
Data:
- Eurozone sentix index June 8.5 v 13.2 exp
- Japanese consumer confidence Index May 39.3 vs 37 prev
- Japanese economy watchers poll May 45.1 vs 41.6 prev
- Irish consumer sentiment May 79.4 vs 87.2 prev
- Nikkei closes up 0.31% at 15,124.00
- Shanghai Composite Index closes up 0.03% at 2030.50
A painfully slow start to the week which should surprise us less and less these days but we’ve seen some opportunity nonetheless
The session got off to a generally USD-negative start which saw GBPUSD and EURUSD climb to 1.6833 and 1.3666 from 1.6805 and 1.3637 respectively, with USDJPY dipping to 102.38 and USDCHF 0.8935.
But failure to break through good resistance saw traders quick to jump in and book profits and we’ve since seen a fall back to 1.6802 and 1.3612 in what has been a largely euro-negative move. USDCHF has rallied to 0.8960 while USDJPY has been pinned around 102.45 since.
EURGBP has fallen from 0.8123 to test support/bids at 0.8100 while EURJPY has retreated to 139.47 after failing to hold above 140.00 with EURAUD falling to 1.4542.
AUDUSD has been supported by the euro selling and has held ground above 0.9350 having capped at 0.9364 while NZDUSD has also fallen back from 0.8532 highs to find support above 0.8500. USDCAD has had the morning off around 1.0920 also caught in cross play cross fire.
Scrappy again but pips to be had for those interested enough to play.
