Forex news from the European morning session 9 December 2014
News:
- Greece could be about to enter crisis 3.0
- Greece’s Venizelos to meet Schaeuble in Berlin tomorrow
- IMF’s Lagarde says ECB steps should fend off low inflation risk
- Fitch place Japan on ratings watch Negative
- Merkel says Germany can be proud of its economy
- France’s Sapin says 11 Eurozone countries still committed to FTT deal early next year
- Iran’s Memarian says US engineered 40% of oil price drop to weaken Iran
Data:
- October 2014 UK industrial production -0.1% vs 0.2% exp m/m
- German trade balance Oct mm +EUR 20.6 bln vs +EUR 19.2bln exp
- French trade balance Oct mm EUR -4.6bln vs -4.5bln exp
- Swiss unemployment rate Nov 3.2% as exp
- November 2014 Greek HICP -1.2% vs -1.5% exp y/y
- Shanghai composite index closes down 5.4% at 2856.27
- Nikkei 225 closes down -0.68% at 17813.38
USDJPY led an assault on the greenback earlier on this morning as traders booked a bit of post-NFP profit and weaker Nikkei but we’ve seen good two-way business since
USDJPY fell from 120.10 to 119.76 in a rush where bids came back in to lead a rally back above 120.00 but it proved short-lived and we were soon heading to the next support lines at 119.50 before once again heading back to 120.00
Both EURUSD and GBPUSD enjoyed a decent run higher to 1.2370 and 1.5695 from 1.2330 and 1.5655 but both have found further gains hard to come by, especially the pound after weaker production data. EURGBP has made steady gains from 0.7865 all morning and is posting 0.7903 as I type
AUDUSD and NZDUSD have also made some steady gains from Asian lows 0.8234 and 0.7607 but running into offers at 0.8300 and 0.7700 while USDCAD slipped back on the greenback selling from 1.1500 to 1.1453 as I type.
A decent session then, albeit light on data and rhetoric, and we should see more of the same before the day is out
