Forex trading headlines from the European morning session 22 July

News:

Data:

After a quiet start to the session, and a fairly solid opening bell for the euro as equity markets opened, the lack of follow-through gave way to some USD buying led by USDCHF ahead of the US CPI later and we’ve seen some decent moves.

As USDCHF caught a bid with talk of a decent buying interest from 0.8985 EURUSD dribbled its way down to 1.3505 from 1.3521 but then a further slap triggered some stops down to the next key support area at 1.3475-80 with more stops reported below. EURGBP drifted down from 0.7917 to wipe its feet at 0.7900 before posting lows of 0.7896 so far.

EURJPY was also cited as a prime mover with the pair failing at tech res around 1.3738 and falling back to take out the 137.00 bids triggering stops into the next layer of bids between 136.75-80. The move capped USDJPY at 101.57 but the pair didn’t put up much of a fight to climb higher even though there’s been good demand from 101.40

Meanwhile USDCHF was making its way through 0.9000 quite merrily to trigger stops to 0.9016 so far and the pair has remain supported above the figure since.

GBPUSD needed little excuse to also drift lower and from a quiet start around 1.7077 we’ve posted 1.7059 so far with some bids appearing as EURGBP got knocked lower.

AUDUSD and NZDUSD have both been on the back foot albeit with bids in the dips to 0.9380 and 0.8660 as attempts to climb back over 0.9400 and 0.8700 failed on the general greenback grab, while USDCAD has drifted up a little from 1.0742 to 1.0756.

We’ve got US CPI and existing home sales in the pipeline to hopefully add to the action, and with EURUSD delicately poised the results are keenly awaited.