Forex trading headlines for July 23, 2014:

Here are the stories on the market moves:

  1. The euro was doing a whole lotta nothing around 1.3465, which is a minor victory for the bears with the market unable to muster a bounce after the break of 1.35
  2. USD/JPY got a lift to 101.50 from 101.40 on a decent tone in stocks and yields holding their ground (which is like a victory in this market)
  3. Cable bulls were giddy ahead of the MPC minutes then got slammed down to 1.7023. The lows came early in US trading. Kinda surprised we didn’t fall further.
  4. Similar story in USD/CAD as the market pushed the downside ahead of retail sales but couldn’t hold on soft details. Low of 1.0711, high of 1.0746. Finished in the middle.
  5. AUD/USD finishes on the highs at 0.9457 as the market cheers the CPI report. 0.9461 is a level to watch.

Heads up, the RBNZ decision is coming up at the top of the hour. The OIS market is pricing in an 86% chance of a rate hike.