Forex news from the European morning session 27 November 2014
News:
- Draghi says time needed for effects of stimulus to materialise
- Draghi – Lack of structural reforms threaten cohesion of EMU
- ECB’s Constancio says US Fed raising rates could create instability
- ECB says yield hunters could cause financial stability risks
- OPEC countries share their last thoughts as 166th meeting starts
- Greek bond yields blowing out on election and bailout worries
- Has Germany’s North Rhine region tipped the balance for German inflation?
- Junkers reign of terror to continue as he wins confidence vote
- Terribly sad news from the cricket world – Phil Hughes has passed away
Data:
- German unemployment change Nov -14k vs -1k exp
- Spanish CPI Nov flash yy -0.4% vs -0.3% exp
- Saxony CPI Nov mm -0.1% vs -0.2% prev
- Brandenburg CPI Nov mm 0.0% vs -0.3% prev
- November 2014 UK Lloyds business barometer 42 vs 35 prior
- November 2014 eurozone economic confidence 100.8 vs 100.3 exp
- Nikkei closes down 0.78% at 17,248.50
On US Thanksgiving it’s appropriate that we’ve seen some love for the greenback in profit-taking moves that have largely undone the damage done yesterday after the weaker US data
GBPUSD has fallen from 1.5826 to 1.5743 and EURUSD down to 1.2465 from 1.2524 with USDCHF upto 0.9645 from 0.9598 while USDJPY has found demand above 117.20 albeit without making too much headway higher as yen pairs came in for correction too.
USDCAD has risen to 1.1287 from 1.1245 before heading back to 1.1263 and AUDUSD has fallen back to 0.8560 from 0.8616 while NZDUSD has similarly been in retreat from 0.7927 but has found support below 0.7870.
EURGBP has had another look at 0.7900 posting 0.7905 from 0.7925 but has since climbed back to steady again around 0.7920
All in all an understandably scrappy session and we can expect more of the same into the week-end
