ForexLive European morning news wrap: Euro and NZD in retreat while CHF, GBP and JPY find favour

Author: Mike Paterson | Category: News

Forex news for the European morning trading on 10 Aug 2017

News:

Data:

The session started with NZD tumbling on comments by RBNZ's  McDermott following the decision to leave interest rates on hold . NZDUSD fell quickly from 0.7320 to 0.7290 then proceed to continue lower to test 0.7250.

                                                     NZDUSD

Euro sogginess has been notable with EURUSD,EURCHF EURJPY and EURGBP all grinding lower through the session , the latter helped by better UK industrial production headline but the rest of the output/trade data was less impressive.

GBPUSD had a steady drift lower to 3-week lows of 1.2951 helped by GBPJPY supply but the demand/support I've been highlighting there lately has held again and with that EURGBP supply we've seen a test of 1.3000 again.

USDJPY trawled around 110.00 to start with but lack of any upward momentum led to more yen demand and we've drifted down to 109.73 while USDCHF has fared a little better but undermined by EURCHF down to 1.1300 from 1.1340.

USDCAD has remained underpinned on cross flows while AUDUSD found dip demand into 0.7875 helped by AUDNZD buying.

Oil had a strong start to the session but then faded while equities opened soft and extended losses adding to the weaker euro tones. Gold continues to feel the love to post $1282.

Data wise we have US PPI and weekly jobless with Fed's Dudley up to the mic at 14.00GMT