Forex news from the European morning session 28 November 2014
News:
- Germany’s Schaeuble says that it’s important that Eurozone countries respect deficit rules
- EU’s Moscovici has “serious concerns” over macroeconomic imbalances
- Moscovici says German has “sizeable space” to boost investment
- EU Commission say they will decide in March on France, Italy and Belgium budget plans
- Italy’s Padoan says the EU recognises Italy’s exceptional circumstances
- EU Thyssen says unemployment is Europe’s most serious problem
- ECB Nouy says no further stress tests until 2016
- ECB’s Weidmann says monetary policy cannot solve structural problems
- IFO’s Sinn says Greece should bugger off from the eurozone to sort itself out
Data:
- November 2014 eurozone HICP flash 0.3% vs 0.3% exp y/y
- October 2014 Eurozone unemployment rate 11.5% vs 11.5% exp
- November 2014 Italian HICP flash 0.2% vs 0.2% exp y/y
- October 2014 Italian PPI -0.4% vs 0.0% prior m/m
- Italian unemployment rate Oct 13.2% vs 12.6% exp
- UK Nationwide house price index Nov yy +8.5% vs +8.6% exp
- German retail sales Oct mm +1.9% vs +1.5% exp
- Spanish retail sales Oct yy +2.1% vs +2.7% prev
- Swiss KOF leading indicators Nov 98.7 vs 100.0 exp
- French PPI Oct mm -0.2% vs +0.6% prev
- UK Nationwide house price index Nov yy +8.5% vs +8.6% exp
- Greek Q3 2014 growth revised up but retail sales plummet
- Japan housing starts Oct yy -12.3% vs -15.0% exp
- Nikkei closes up +1.23% at 17,459.85
A mixed bag of a morning that saw early buying of the US $ which saw EURUSD fall to 1.2429 , GBPUSD down to 1.5680, AUDUSD down to 0.8486, USDCAD up to 1.1370 with USDJPY caught up in the cross plays and stuck around 118.20.
But failure to make further progress has seen EURUSD post 1.2490 , EURJPY 147.66 from 146.95 with EURGBP finding its usual month-end demand to rally from below 0.7920 to post 0.7953
That move has put a cap on cable which has fallen again to 1.5675 from 1.5715 and staged a rally back again to 1.5710 only to fall back again, losing ground across the board
USDCAD has tested 1.1400 while AUDUSD has rallied back above 0.8520 where its held mostly for the duration of the session.
It’s Friday and it’s month-end and the USA are still giving thanks. Markets were never going to be quiet and we can expect more thrills n spills before the day is out.
