Forex news from the European morning trading session 9 January 2015
News:
- SNB reports a 2014 profit of CHF 38bln
- PBOC says it will further reduce financing costs to support economy
- ECB staff priming €500bn investment grade QE plan
- EU’s Dijsselbloem says Grexit isn’t on the table – Livesquawk
- Preview: What the big boys are looking for in the NFPs
- Who will take the title for best NFP forecaster of 2014?
- Fidel Castro reported to have died
Data:
- November 2014 UK industrial production -0.1% vs 0.2% exp m/m
- November 2014 UK trade balance -8.848bn vs -9.400bn exp
- German trade balance Nov EUR +17.9 bln vs +20.4bln exp
- German industrial production Nov mm SA -0.1% vs +0.3% exp
- French trade balance Nov EUR -3.236bln vs -4.5bln exp
- French industrial production Nov mm -0.3% vs +0.3% exp
- Italy’s Q3 public deficit to GDP ratio 3.5% vs 3.3% in 2013
- Swiss CPI Dec mm -0.5% vs -0.4% exp
- Swiss unemployment rate Dec +3.4% vs +3.4% exp
- Japan leading index for November (preliminary): -0.7 to 103.8 (prior was 104.5)
- Nikkei 225 closes marginally up +0.18% at 17,197.73
Understandably a session with eyes on the main NFP event shortly but there’s been some decent movement and mostly with a USD-neg bias.
GBPUSD has chewed it way higher and triggered stops through 1.5120 then stopped into 1.5150 before retreating to 1.5125 after data but has since rallied again to post 1.5162 so far
EURUSD has also seen some buying interest but found the progress a bit tougher going in its journey from 1,1785 to 1,1820 as EURGBP made its way below 0.7800 to post 0.7790. EURJPY has been largely on the back foot below 141.00 as USDJPY found sellers above 119.35 on the rally from the Nikkei-led 119.16 lows
USDCHF has drifted down to look at 1.0160 mirroring the EURUSD again with EURCHF stuck around 1.2010 still, while USDCAD has been in hold mode between 1.1800-1.1850. AUDUSD and NZDUSD have found support around 0.8125 and 0.7800 but failed to make much progress higher
All eyes on te NFPs and we’ll know soon enough whether this USD trimming is the start of something bigger or just a precautionary action
