Forex trading headlines from the European morning session 1 August

News:

Data:

Ahead of the main event from the US focus has been on the UK this morning and another slap lower for the pound as mftg PMI came in well under expectations

GBPUSD dropped from 1.6875 to 1.6838 and then another drop to 1.6822 having failed to rally past 1.6845. EURGBP cleared out the remaining offers into 0.7950 to post 0.7965 on the second wave only to attract a few sellers/profit takers and we’re back at 0.7955

EURUSD took its cue from the euro buying to bounce off the 1.3380 support areas again and we’ve crept over 1.3400 before stalling as EURJPY offers at 138.00 helped capped both core pairs with USDJPY failing to take out the renewed offers at 103.00

AUDUSD and NZDUSD have both been on the backfoot still while USDCAD has taken out the offers into 1.0940 only to retreat to 1.0935 from 1.0945 highs

No prizes for what’s going to kick this all around again later but we can be assured of some fun n games to close the week.