Forex trading headlines from the European morning session 16 June
News:
- The gas from Russia is turned off says Ukraine energy minister
- EU’s Oettinger says he’s confident Russia will continue to supply gas to Western companies
- Naftogaz demands a “fair price” from Gazprom
- Gazprom files a lawsuit to recover Ukraine’s debt for gas supplies
- Russia’s Gazprom says no payment received from Ukraine
- Japan’s GPIF should quickly enact portfolio changes
- ECB’s exchange rate policy no substitute for reforms says Germany’s Kothe
- Bundesbank says German growth to be stronger in Q3 than Q2 2014
- Hold your horses on early rate hikes says former MPC member Adam Posen
Data:
The session has been a decent one with plenty of good two-way business again but we’re really still none the wiser at the end of it.
Cable made an early and successful attempt from 1.6985 to finally take out the 1.7000 barrier and post 1.7011 but the lack of follow-through and a generally better-bid tone to the greenback saw a retracement t0 1.6960. EURGBP demand between 0.7950-60 also came into play to stage a rally to 0.7985 resistance. capping the cable rise and helping to push it lower
The Nikkei initially fell dragging USDJPY down with it to 101.70 support but a rally into the close also gave USDJPY another lease of life to 101.95 which also dragged USDCHF back over 0.9000 but both have given up much of those gains
EURUSD had a look above 1.3550 as cable popped 1.7000 but was soon on the retreat to test recent lows around 1.3515 but the EURGBP demand helped to put the base underneath for a rally to 1.3547
AUDUSD and NZDUSD both saw a softer session as the USD demand drove the pairs to 0.9380 from 0.9407 and 0.8685 to 0.8667 while USDCAD has chewed its way higher from 1.0865 to test offers into 1.0885 having held support at 1.0835 in Asia
A lively enough start to the week with hopefully more to come.
