Forex trading headlines from the European morning session 7 Oct

News:

Data:

What started off as a gentle continuation of yesterday’s USD squeeze soon turned into a bit of a panic attack and we’ve seen a volatile session that really leaves us none the wiser.

USDJPY dribbled lower then accelerated through 109.00 to 108.80, wiping its feet before falling again to test 108.30 support after the BOJ decision to keep policy on hold.

GBPUSD caught the scent of a serious squeeze and surged from 1.6080 to 1.6117 after triggering stops through 1.6110. We saw a retreat to 1.6080 and then attempts to rally back above 1.6100 but to no avail. USD buyers returned and cable was soon enough looking at 1.6045 again

EURUSD was also on the rise from the off and posted 1.2665 only then to come back under pressure and posted 1.2583 after chewing through the bids at 1.2600. EURGBP has had a look at 0.7835 support from 0.7860 while EURJPY has tested strong support around 136.80 but also held so far.

USDCHF found sellers down to 0.9574 as EURCHF rallied quickly to 1.2140 from 1.2125 only to fall back to look at 1.2103. AUDUSD has drifted back toward 0.8750 but found a few EURAUD related bids while USDCAD drifted off to 1.1140 before surging again to 1.1180 only to retreat.

I said in the headline blink and you miss it but there’s been opportunity. Ever thus in volatile markets.