Forex trading headlines from the European morning session 8 Oct
News:
- Japan’s Suga says there is no difference of views between govt and BOJ on weak yen
- ECB’s Constancio says this period of very low inflation is a serious concern
- OECD leading indicator tells us what we already know – Growth is crap in the euro area
- Bank of France leaves Q3 GDP forecast unchanged at +0.2%
- US says its ready to charge banks over forex price rigging
- GPIF asset review may be delayed until December says former govt advisor
- Germany says Ireland mustn’t use savings to finance tax cuts
- Fitch says there’s optimism that bank tests will restore confidence
- EU says ebola epidemic “highly unlikely” to develop in Europe
- ANZ still sees Aussie $ weakness into year-end
Data:
- UK Halifax house price index Sept m/m +0.6% vs +0.2% exp
- Spanish industrial production Aug mm SA +0.6% vs +0.9% exp
- Swiss unemployment rate Sept adj 3.2% vs 3.2% prev
- US MBA mortgage market index 350.7 vs 337.8 prior
- Japanese economy watchers survey Sept 47.4 vs 48.2 exp
- Nikkei closes down 1.19% at 15,595.98
A lively morning that in turn saw USD unwind it’s Asian gains then lose them, then recover all in the ranges of the last 24 hours as attention moves to the FOMC Minutes later.
USDJPY had an early look above 108.54 as the Nikkei tried hard to eradicate losses but then both started to slide but not before GBPUSD had taken out bids at 1.6050 to post 1.6040 and EURUSD had another look at 1.2620 again.
But then it was all change as the euro picked up a bid and that saw EURUSD post 1.2685 and EURGBP 0.7885 before good offers in both pairs sent the euro into recent again. GBPUSD had one last hurrah to 1.6095 as EURGBP got sold but then it too drifted back to 1.6060
USDJPY had made steady declines to 107.85 only to find support once again and make an equally steady climb above 108.30 while USDCHF has remained in a tight-ish range between 0.9550-9600.
AUDUSD and NZDUSD similarly staged rallies above 0.8800 and 0.7830 only to run out of steam and USDCAD dropped from 1.1190 to 1.1148 before staging a small comeback
FOMC Minutes the focus then, and hopefully will provide a few much-needed clues.
