10 hours ago | September 17th, 2014 11:17:15 GMT

ForexLive European morning wrap: Pound plays dominate but now it’s all eyes on the Fed

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Forex trading headlines from the European morning session 17 Sept

 News:

Data:

It’s been all about the pound again this morning as traders try and keep their powder dry elsewhere as we wait on US CPI and more importantly the FOMC later

GBPUSD looked supported from the off and we were soon testing good offers at 1.6300-10 before finally breaking higher to post 1.6330 before dipping again only to post 1.6340 after the jobs data then fell again to 1.6288 on softer MPC Minutes.

EURGBP dropped to 0.7933 but since bounced to 0.7960 and it’s been a similar story on pound pairs.

Yen and Swiss pairs have found a bid in a mixed USD bag and this has kept USDJPY and USDCHF perky while EURUSD has also looked supported while finding sellers above 1.2965-70

USDCAD, AUDUSD and NZDUSD have been mostly quiet but seen some cross play influence in a session which has had more than one eye on the main event later

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10 hours ago | September 17th, 2014 11:02:15 GMT

US MBA w/w mortgage applications index rises 7.9%

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  • w/e 12 Sept
  • 30 year fixed mortgage rate rises to 4.36% from 4.27%
  • refinancing index rose 10.3% w/w
  • mortgage purchase index increased 4.8% w/w

Stronger housing sector data but no-one bothered with eyes on bigger prize later

EURUSD 1.2955 USDJPY 107.31 GBPUSD 1.6305 AUDUSD 0.9067

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10 hours ago | September 17th, 2014 10:48:01 GMT

Scottish referendum poll timetable

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Yes folks,lest we forget ( how could we ) we’ve got a vote going on tomorrow and that means more polls into the final hours

Here’s what’s scheduled courtesy of our friends at Livesquawk.com

Today:

  • Ipsos-Mori poll for STV News out around 18.00 GMT
  • YouGov for The Times c. 22.00 GMT
  • Panelbase. Release time unknown

Tomorrow:

  • Ipsos -Mori poll for the Evening Standard – early afternoon

We can expect exit polls from the various polling stations from 21.30 GMT

 

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10 hours ago | September 17th, 2014 10:35:26 GMT

Markets take a breather as the FOMC casts its shadow

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And a welcome breather for yours truly too as

The pound has been the main focus this morning but we’ve seen some opportunity in other pairs with the Yen and Swiss still finding sellers on cross plays keeping USDJPY and USDCHF underpinned

The market’s been happy to buy some USD lately on expectations of a more hawkish stance from the FOMC but we’ve been here before only to find Yellen still in cautious mode

And I expect more of the same this time

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12 hours ago | September 17th, 2014 09:23:53 GMT

ECB’s Mersch says securitisation could help collateral usage

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Speaking in Hamburg

In the discussion on high-quality securitisation the elgibility criteria of the eurosystem could be a good starting point for future regulation

We have already observed a significant change in the collateral landscape over the last few years and it is a landscape that is coming to evolve

Mersch secure in his own mind

Mersch secure in his own mind

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12 hours ago | September 17th, 2014 08:39:03 GMT

BOE MPC Minutes: Insufficient price pressure to justify rate rise

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  • rate of UK growth may ease in Q4
  • downside risks to UK growth probably increased
  • sees increase in geopolitical risks
  • MPC majority see vulnerability to shocks and household debt
  • evident increase of volatility over Scottish referendum
  • some see spare capacity as a less useful policy guide
  • some see wage growth pickin up
  • Pound strength continues to put downward pressure on inflation
  • Eurozone weakness most significant development this month

Full Minutes here

Overall I’d say it’s a bearish document and the market shares that view with cable now at 1.6295 from 1.6340 highs

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