Forex news from the European morning session 11 December 2014



We didn’t get any real fireworks from the two key events but that didn’t seem to matter as price actions were in lively mode from the off

It’s been a blink n miss it morning that started with USDJPY disappearing below 118.00 in a hurry only to bounce back to session/Asian highs before finding the legs to take out offers at 118.50 to post 118.89 in a rush. Yen pairs followed suit

Meanwhile the pound looked a little wobbly after failing to hold above 1.5725 and we dribbled down to 1.5700, then 1.5680 before testing support around 1.5650 before getting back above 1.5690 as EURGBP fell from 0.7955 highs ( after lows of 0.7916 and wiping its feet at 0.7940) to return back to 0.7932

EURUSD fell to 1.2417 from 1.2440 after the TLTRO announcement on the lower than hoped for take-up but it wasn’t long before we were back above 1.2450 with EURJPY also making gains along with EURGBP

EURCHF however has been camped at 1.2012-15 from 1.2033 after the SNB left everything on hold and longs once again found themselves frustrated after another before-the-event buy. USDCHF initially dropped to 0.9640 before rallying to 0.9680 resistance/offers only to fall back as USD turned lower and EURCHF failed to rally.

AUDUSD had a trip lower in a hurry from 0.8330 to 0.8237 on further RBA/interest rate/iron ore price fallout/AUDNZD selling and we’ve been 70-80 since for the most part. NZDUSD rallied from 0.7780 to 0.7830. USDCAD found support around 1.1450 to head back to test 1.1500 before stalling once again

It’s been somewhat wild and distinctly woolly but, boy, there’s been some great opportunity too