Forex trading headlines from the European morning session 19 June
News:
- SNB keeps 3-month target rate at 0.00-0.25%
- SNB’s Jordan says they are ready to act on ECB rate cut impact
- SNB’s Jordan says he does not rule out negative rates as policy tool
- SNB’s Jordan says EURCHF cap remains credible
- SNB says big banks loss potential remains substantial
- BOE’s Weale doesn’t see a case for raising rates at the moment
- Germany’s Schaeuble says monetary policy is a short term solution
- Euro no longer causing finance market disquiet says Germany’s Schaeuble
- BOJ’s Kuroda says easing having intended effect
- BOJ’s Morimoto sees weakness in Japanese exports
Data:
- May UK retail sales -0.5% vs -0.6% exp m/m
- June UK CBI industrial trends survey: Orders 11 vs 3 exp
- Nikkei closes up 1.52% at 15,361.16
A lively enough morning that got into full swing as European traders picked up the post-FOMC baton and continued to give the greenback a slap
A stronger Nikkei had put some bids under USDJPY ahead of the strong 101.50-70 support but that didn’t deter ol’ Teflon and we had EURUSD soon taking out the 1.3600-10 offers before going on a run to the next batch between 1.3640-50. High post of 1.3643 before retreating to 1.3625
GBPUSD needed little encouragement to breach 1.7010 before stalling around offers at 1.7025 taking a dip back to the figure on weaker retail sales before dusting itself off for another round of buying to 1.7029. EURGBP was in bouyant mood though and we;ve seen highs of 0.8026 before falling to 0.8005 once again as euro retreated.
USDCHF continued its slide lower as the SNB failed to give any help and we saw the 0.8960 support give way to post lows at 0.8920 before finding fresh buyers. Similarly EURCHF dipped to support t0 1.2165 from 1.2180 but has held those lines thus far.
AUDUSD and NZDUSD both consolidated gains above 0.9400 and 0.8750 but both finding next levels at 0.9440-50 and 0.8750 a step too far, while USDCAD had a look at 1.0800 posting lows of 1.0808 before giving up and returning to 1.0822.
A good session with opportunties both sides.
