Forex trading headlines from the European morning session 10 Sept
News:
- UK political leaders head to Scotland to campaign for a No vote
- UK’s Cameron says nay to Scotland using the pound
- Talk of another Scottish Yes poll sends shudders through the pound again
- BOJ’s Iwata says weak yen by itself can’t boost prices in mid-long term
- BOJ’s Iwata says excessive yen weakness or strength is not good
- Kuwait’s OPEC governor sees oil prices at $100 in next few months
- Saudi’s cutting back oil output as OPEC lowers global demand forecasts
- Merkel says European economy remains fragile
- France’s Sapin says the stalled Eurozone economy is a surprise
- PBOC sees overall Chinese economic growth remaining steady
- China’s Li Keqiang says China will not have a hard landing
- EU Commission has a new team sheet
- Japan goes back on plans to urge businesses to raise salaries
Data:
- French Q2 final non-farm payrolls +0.1%+% vs +0.1% exp
- French industrial production July mm +0.2% vs -0.5% exp
- US MBA 30-year mortgage rate up to 4.27% vs 4.25% prev
- Nikkei closes up 0.25+ % at 15,788.78
It’s been a real rollercoaster ride for the pound this morning and not one for the faint-hearted as talk of a further increase in the Scottish Yes vote sent GBP tumbling only for it to rally all the way back in almost equal time
We’d seen cable test 1.6150 in early trading but was drifting back to 1.6120 when news circulated of a new poll being released and we were down to 1.6080 in a flash then 1.6051 sending EURGBP up through 0.8040 resistance and posting 0.8067 in a rush
Further examination of the facts gave the bulls a chance to bounce back and they did so in fine style with cable rallying back above 1.6140 after wiping its feet at 1.6090-1.6100 with EURGBP falling back to 0.8020
Elsewhere we’ve seen the euro in demand mode with EURUSD finding a base a 1.2920 to post 1.2963 highs with decent EURJPY buying to 138.18 from 137.60 as USDJPY posted new 6-year highs of 106.80
AUDUSD finally popped the 0.9150 support to send it tumbling to 0.9112 before bouncing while the loonie found some love too as USDCAD has once again failed above 1.1010 and falling back to 1.0970 support lines .
Fun and games, and we can expect more of the same as our friends across the pond join in.
