The forex trading headlines for the European morning session 24 June
- Nikkei closes down 1.26% at 13,062.78
- Spain’s De Guindos says Q2 growth will be close to flat
- German IFO business climate june 105.9 vs 105.9 exp 105.7 prev
- Italian consumer confidence may 95.7 vs 86.3 exp 86.4 prev revised up from 85.9
- Italian non-EU trade surplus EUR 2.968 bln vs 1.466 bln prev
A cautious, and for the most part quiet, start to the week which saw the yen make a few gains but with limited action elsewhere on the other pairs.
USDJPY traded lower after the Nikkei closed down on the day moving from 98.30 to 98.00 where it wiped its feet before testing support around 97.70 and rebounding. EURJPY fell to 128.14, AUDJPY down to 89.58 and GBPJPY to 150.12
The aussie dollar came under early pressure again and eventually took out the 0.9150 barrier option but stopped at 0.9145 just ahead of the strong technical support at 0.9143 ( 38.2% of the 0.6009-1.1081 restracement). In the last hour or so we’ve seen some decent buying interest up to 0.9203 dragging AUDJPY up with it to 90.13.
GBPUSD also came lower first thing in a generally risk-off environment with EURGBP getting a lift to 0.8542 having failed to breach decent support at 0.8500. Cable dealt down at 1.5344 from 1.5385 but has since consolidated ahead of good support at 1.5330. Overall though the pound has struggled to make any gains weighed down with market expectation of future GBP sales from the Vodafone purchase of Kabel Deutschland.
EURUSD had an initial run up but then it too came under pressure to 1.3078 where it ran into solid buying interest and headed back above 1.3100
All in all not a lot to report with limited data releases and little by way of rhetoric which, in many ways, made a pleasant change.
A Monday malaise so far as we await any fresh impetus from the US.
