Forex Trading headlines 12 August 2014
The data
- US small business confidence index rises 0.7% to 95.7% in July
- US ICSC chain store sales w/w -1.4% vs +0.2% prev
- June 2014 US JOLTS job openings 4.671m vs 4.600m exp
- July 2014 US monthly budget statement -$94.6bn vs -$96.0bn exp
- US sells 3-year notes at 0.9240% vs 0.9160 WI bid
The news
- Bank of Portugal says BES rescue was designed to ensure no creditor would suffer greater loss than in liquidation
- UK economy will grow 0.7% in Q3 and Q4 2014 – Reuters
- Pimco’s Mihir Worah says wages are too low to worry about inflation
- Blackstone Group sees H2 2014 US growth at 3.0%
- Happy Birthday Francois
- Bundesbank’s Weidmann rallies behind faltering German economy
- Geopolitical events affecting Canada’s export potential says Oliver
- Canada cocks its labour numbers up (warning for 15th August)
- Rally in European stocks still looking dead cat-ish
- GBP/USD breaks 1.6800 as the focus shifts to UK jobs and inflation
- Big day for the pound and euro tomorrow as inflation rules the roost
- Where will the pound go on the jobs and inflation report?
The geo-guff
- Putin to meet Russia’s top security officials in Crimea on Wednesday
- Russia plays ball and goes shopping for food as Europe starts the infighting
Despite only two headlines above on Russia, the noise was almost constant over the backwards and forwards of sanctions and humanitarian efforts. Finland had a moan up on loss of business as did Poland. NATO was still priming a Russian invasion and Friday’s peace and calm was knocked back into worrying about geopolitical events once more.
The euro staged a bounce off of support at 1.3335 and stepped its way up through former support levels into the zone where Asian sellers were last seen. 1.3769 is where we finish.
USD/JPY took a tumble to 102.09 early in the day as the yen found buyers once again and the euro and cable found a bid. Still, the range is only 27 pips so not much to write home about all told.
GBP/USD finally found its mojo after falling to a fresh low at 1.6757 early in the European day. It’s not exactly been a massive, typical cable-esque rally but some shorts have been covering themselves ahead of a big day of pound infused data from the UK tomorrow. 1.6800 looked to be a step to far at the first time of asking but the London fix saw the level taken to a high of 1.6816. Maybe there will be a bit more covering seen into the numbers tomorrow. Beware.
Pretty ho-hum elsewhere. European stocks put a sizeable dent in any hope of a sustained bounce and US Stocks went sideways ahead of retail sales data tomorrow. Brent Oil was well down on lower demand worries and a new Iraqi government that might mean they get the extra help to fend off the ISIS mob, thus reducing supply worries.
That’s all from me for today and the blogging master of the universe has touched down in ForexLive land so I’ll hand you over to him. Have a very good session y’all.
