Forex trading headlines from the European morning session 24 June

News:

Data:

No prizes for guessing who and what has dominated the landscape this morning.

Prior to Carney & Co stepping up we had a weaker than expected German IFO that simply gave earlier euro buyers a chance to buy again at better levels. EURUSD dipped to 1.3593 from 1.3607 only to resume its path to 1.3628 while EURJPY fell to 138.45 before another test of 139.00 leaving USDJPY in a range of 101.85-95 after failing to hold above 102.00 again.

EURGBP came back below 0.7990 but then also had a look above 0.8000 before Carney began his testimony and the early dovish tones from him and dep gov Bean gave the pound a slap to 1.6980 support from 1.7015 and 0.8025 from 0.8002.

Later questioning on his recent comments about interest rate rises this year provided another small jolt initially but when it transpired that his views were shared by MPC we saw some short covering to 1.7002 and 0.8008 before the next wave of pound sellers reappeared to 1.6985 and 0.8017. Other GBP pairs have experienced similar swings

Elsewhere AUDUSD came under continued pressure to 0.9393 from 0.9410 on EURAUD buying interest but decent bids at 0.9390 have held thus far only to see rallies above 0.9400 sold into. NZDUSD had the morning off as did USDCAD although both currencies will have witnessed some GBP ripple effect.

A decent session that has challenged a few key levels and provided good opportunity once again for the shorter-term traders.