Forex trading headlines and economic data news 8 December 2014
- November 2014 Japanese economy watchers survey current conditions 41.5 vs 45.8 exp
- October 2014 German industrial production 0.2% vs 0.3% exp m/m
- November 2014 Bank of France business sentiment 97 vs 96 exp
- November 2014 Swiss CPI -0.1% vs -0.1% exp y/y
- December 2014 eurozone sentix index -2.5 vs -10.51 exp
- November 2014 UK Lloyds employment confidence index 1 vs 0 prior
- OECD leading indicators flash warnings for UK, Germany and Italy
- ECB’s Nowotny sees massive weakening in eurozone economy
- Nowotny says options for QE includes corporate bonds
- EU talks tough on French budget
- Citi fancies catching the falling knife in oil
- Enormous fire in LA
The moves in the prices suggest that we’ve had a busy morning but the actual news has been pretty light.
USD/JPY was mooching about around 121.50 and seemingly uncaring about the lower Japanese Q3 GDP revisions overnight. Europe opened and started to make their feelings felt as we drifted lower to 121.03 before stabilising. The bounce looked pretty flat and having made it back to 121.26 now finds itself testing 121 again
EUR/USD was also going sideways around 1.2280/90 and German industrial production missing estimates saw the bid come out of it. Ewald Nowotny stoked the QE fire again and that helped shove it down t0 1.2250 where a barrier lurked. It was “lurking” until the protective bounce ran out at 1.2270 and not even a decent jump in the EZ sentix index could save it from another drop to knock out the 1.2250 level. It’s been all slow stuff with 20 pips the range since then
All is well in the land of Her Majesty where GBP/USD followed EUR/USD down the pipe before traders thought better of it and we’ve chewed our way higher through 1.5600 to a recent high of 1.5634. It’s the pound all round as EUR/GBP tumbled 50 pips to 0.7948 and the quid went bid against the yen and Swissy
AUD/USD looked to be heading for more pain falling to 0.8260 but has since managed a spirited comeback to 0.8310 as the US dollar sagged
Oil is back down to the recent lows as it decides on which way to go next
Not much on the docket for this afternoon, unless you’re big into Canadian housing numbers. November housing starts are expected to come in at 195k vs 183.6k prior, and minutes after that, Oct building permits are looking to rise 3.95 vs 12.7% in Sep.
