Forex trading headlines from the European morning session 14 July
News:
- US authorities offer immunity deal to junior traders in forex market probe
- China eases forex rules for firms investing overseas
- Over one third of economists now see a UK rate hike in 2014
- Don’t be too quick to short the euro on reversing flow expectations
- Sell GBP/USD says Deutsche bank as manufacturing could rattle GDP
Data:
- May 2014 eurozone industrial production -1.1% vs -1.2% exp m/m
- Japanese industrial output May +0.7% vs +0.5% exp
- Nikkei closes up 0.88% at 15296.82
A lively enough start to the week as the euro took heart from a decent recovery in European equity markets and saw good demand across the board.
First to shine were EURJPY led by a stronger Nikkei and rallied through 138.25 from Asian lows of 137.75 and EURGBP which found decent support at 0.7940 to test above 0.7950, dragging GBPUSD down to o/n lows of 1.7106 before rallying sharply to 1.7124 as EURUSD took off.
The pair rallied strongly as equity markets opened and saw a move from 1.3605 to 1.3640 dragging EURJPY to 138.42 and EURGBP to 0.7965 before decent offers sent the primary pair back down to 1.3620 and capping the others.
AUDUSD gave up some gains to dip to 0.9392 from 0.9402 as EURAUD buying stemmed its Asian rise but the kiwi looks perky still with NZDUSD holding above 0.8810. NZDUSD has drifted a tad lower to 1.0726 after failing to clear 1.0750 offers but steady at 1.0735 mostly
No data coming up but Draghi addresses the European parliament economic and monetary affairs committee later
