Forex news from the European morning trading session 10 December 2014
News:
- Carney says it’s right to keep stimulus on UK economy
- BOE’s McCafferty says there may be little slack left in the UK economy
- OPEC cuts 2015 global oil demand growth forecast by 70,000 bpd to 1.12mln
- ECB’s Hansson says euro-area is not recovering as fast as expected
- January is too early to judge on ECB action says Hansson
- Hansson: Still sceptical about ECB larger scale government bond buying
- Fitch says that Japanese financial institutions ratings are not affected by sovereign action
- Germany’s RWI institute cuts 2015 growth to 1.5% from 1.8%
Data:
- October 2014 UK trade balance -9.62bn vs -9.5bn exp
- French Q3 non-farm payrolls qq -0.3% vs -0.2% exp
- US MBA mortgage index w/e Dec 5 up 7.3% to 372.3 w/e
- French industrial production Oct mm -0.8% vs +0.2% exp
- Portugese trade balance Oct EUR -825m vs -1.1bln prev
- China auto sales Nov +4.7% yy
- Japanese consumer confidence index Nov 37.7 vs 39.5 exp
- Shanghai Composite Index closes up +2.9% at 2940.01
- Nikkie 225 closes down -2.25% at 17412.58
It’s been a session that’s seen the US $ mostly in demand-mode as USDJPY finds support below 119.00 but for the most part the moves have been contained after an initial flurry
USDJPY opened up around 118.80 with EURUSD trying to get above 1.2400 and GBPUSD challenging 1.5700 but a rally in Chinese equity markets calmed a few nerves and we saw 119.30, 1.2362 and 1.5648 . We’ve been up and down since in the same ranges but the Aussie $ has continued on to test Asian highs around 0.8340 from 0.8300
USDCAD had a look at support around 1.1430 then rallied only to run out of puff into offers from 1.1470 while NZDUSD has had decent morning joining the Aussie in a relief rally to 0.7730 from 0.7690
All in all a little scrappy, but still presenting intra-day opportunity for those interested.
