Forex trading headlines from the European morning session 11 June
News:
- ECB’s Hansson says they should explore QE as an option
- ECB’s Mersch says regulators need a “more holistic approach” to ABS
- Greece central bank chief loses his job
- Buba’s Dombret says ECB measures last week were appropriate
- Chinese cabinet says it will conduct targeted changes in monetary policy
- France to look at extra €4bn in spending cuts
Data:
- UK claimant count change May -27.4k vs -25k exp
- US MBA mortgage market index 387.1 vs 350.8 prior
- Nikkei closes up 0.50% at 15,069.48
A decent enough session that eventually got going with good opportunities to be had across a variety of pairs but with GBP, JPY and AUD all enjoying their moment of glory.
No data until the UK jobs report that saw GBPUSD rally to 1.6770 from 1.6752 then a further push through 1.6785 resistance to 1.6797 as EURGBP dipped from 0.8065 to test reported barrier support at 0.8050.
Cue EURUSD dipping to 1.3523 and testing o/n support before a rally back to 1.3537 as EURGBP recovered to 0.8062 from 0.8054, giving cable a push back below 1.6785.
Yen strength has also been notable as Nikkei futures dip again and USDJPY 102.20 support gave way to trigger stops down to 102.03 so far. EURJPY has fallen from 138.65 to 138.06 and GBPJPY to 171.20.
The aussie $ has been another winner as traders continue to buy it on yield-demand and we ‘ve tested 0.9400 again from 0.9378 only to fail once more. NZDUSD has been well bid too as expectations of an RBNZ rate hike gather pace but running out of steam at 0.8573 to fall back to 0.8555.
Lack of hold above 1.0910 has seen the loonie also pick up a few buyers and USDCAD has been back to test the bids at 1.0885.
Good to see some more action going through these markets, and let’s hope it continues, but with summer approaching, try to grab what you can while you can.
