Forex news from the European morning session 16 January 2015
News:
- SNB fall out news repository
- EURCHF finds a top at 1.0250-60 for the moment
- Swiss franc pairs still lively as Europe gets underway
- ECB’s Coeure says for QE to be efficient “it would have to be big”
- Coeure says ECB must decide QE bond-buying will be targetted orborne by all Eurozone countries
- Standard & Poors says Switzerland ratings unaffected by SNB change of policy
- Alpari UK enters insolvency – Rtrs
- London Capital Group says company is well capitalised. CHF forex movements have had no material impact
- IEA says oil price recovery may not be imminent and the floor is “anybody’s guess”
- Update:Two Greek banks apply to tap central bank’s emergency liquidity assistance (ELA)
Data:
- December 2014 eurozone HICP final -0.2% vs -0.2% exp y/y
- German CPI Dec final mm 0.0% as exp/prev
- French budget balance Nov YTD EUR -90.8 bln vs -84.7% bln prev
- Swiss retail sales Nov yy -1.2% vs +0.6% prev
- Nikkei closes down -1.43% at 16,864.16
- Shanghai Composite Index closes up +1.2% at 3,376.50
It’s been all about the CHF again but traders are stll trying to assess the fallout unsurprisingly and caution is still well-advised
EURCHF had an early rally to resistance around 1.0250 from 1.0060 and we’ve since been back below 100.40 in a lively morning with the knock-on effect on other pairs also evident
USDCHF rallied to 0.8810 from 0.8640 only to fall back too as EURCHF tumbled and EURUSD has been dragged down to test yesterday’s support line at 1.1575 with EURGBP down to 0.7612 and EURJPY to 1.3510 from 135.96
GBPUSD had an early dip to 1.5160 on the USD+ sentiment only to rally and test resistance/offers around 1.5230 before reteating as EURUSD fell from 1.1620
AUDUSD gave up its Asian gains to return back down to 0.8200 while USDCAD has motored steadily north from 1.1960 to 1.2006 as I type with oil prices in retreat again from IEA report-led gains. NZDUSD has had its own troubles falling from 0.7850 to 0.7792 as I type.
CHF spreads are still wide and there are on-going reports of fx brokers in trouble. We’ve put a post up for you to share all the areas of concern/feedback
The ramifications of yesterday’s SNB measures are huge, and not just for the retail trader.
