Forex trading headlines from the European morning session 13 June
News:
- Japan’s Abe says they plan to cut corp tax rate from fiscal year 2015
- BOJ’s Kuroda says fx rates are affected by various factors
- BOJ’s Kuroda says they will continue easing until 2% inflation is stable
- British Chamber of Commerce warns against early rate hikes
- Here come the UK rate forecast amendments starting with Deutsche bank
- Japan government to boost revenue by broadening tax base
- Bank of Spain’s Linde says ECB alone can’t resolve the eurozone crisis it’s still facing
- IEA says current Iraq situation may not immediately put additional oil supplies at risk
Data:
- German HICP May m/m final -0.3% vs -0.3% exp
- China industrial output May y/y +8.8% as exp
- Q1 2014 eurozone employment 0.1% vs 0.1% prior q/q
- April UK construction output 1.2% vs 1.5% exp m/m
- Eurozone trade balance April nsa EUR 15.7bln vs +13.9bln exp
- Italian HICP May final m/m -0.1% as exp/prev
- French NFPs revision Q1 q/q -0.1% v -0.1% prev
- Nikkei closes up 0.83% at 15,097.84
It’s been a lively enough session which has seen decent levels tested but holding at both ends
GBPUSD was the first to try and we saw a challenge on 1.7000 that failed at 1.6993 below the 2014 1.6997 high and then retreated to test decent bids ahead of 1.6940.
EURUSD had a look up stairs at the 1.3575-85 resistance/offers but gave up at 1.3579 and since been back down to 1.3530.
EURGBP had a look back at 0.8000 but didn’t like it and we’ve been back down to 0.7980 while EURJPY popped its head above 138.50 only to retest 138.00
USDCHF fell from 0.8985 to the bids at 0.8960 but has now rallied to test the offers back in at 0.9000 but USDJPY has had a far quieter session around 102.00 caught up in the cross fire.
NZDUSD has drifted off below 0.8650 after failing to brach 0.8700 in Asia, and AUDUSD has given up on gains above 0.9400 retreating from 0.9411 to 0.9382 ahead of decent bids at 0.9375. USDCAD had the morning off.
So the euro is still on the back foot and the jury is still out on whether the pound’s post-Carney rally is overdone or the start of a bigger move.
