EUR/USD sits at 1.4255, effectively unchanged from where North American closed out Thursday, overnight trading in Asia having been confined to about a 25 point range.
Well, good to see EUR/USD rally topped out close to 1.4350 yesterday. Were China in selling up there? Does it really matter? As I’ve said before, the whole gig has become pretty much self-fulfilling given weight of market expectations.
Market expects giant panda selling up around 1.6350, whilst expecting buying in low 1.42’s, high 1.41’s. News, economic data at this point seems to play second fiddle.
On that point, euro-zone data due today:
06:45 GMT: French central government balance for July
07:15 GMT: Swiss CPI for August expected +0.2% m/m, -0.7% y/y
08:00 GMT: Italian trade balance for June
09:45 GMT: European Commission releases ecoonmic forecasts.
Not much there to really whet the appetite.
European stocks set to open a little firmer.
Technical supports 1.4245/50, 1.4210/15, resistances 1.4280, 1.4310.
Roll on US non-farm payrolls, median expectation being -230k.
