Forexlive European FX News 10 May: All eyes on BOE, Oil bid, USD takes a pause, NZD offered

Author: Giles Coghlan | Category: News

Trading wrap for the European session 10 May 2018

Market data

  • FTSE 100 -0.32% at 7638.35
  • DXY -0.20% at 92.85
  • US WTI Crude +0.59% at 71.57
  • Bitcoin +0.65% at 9340

The session has been pretty calm with a lot of attention focusing ahead on the BOE rate meeting and press conference afterwards. The GBP has had data releases from  on trade balance and manufacturing data too. There was no string reactions in the GBP as traders look ahead to 1200GMT.

In Europe, there was some industrial data out of Italy that surprised to the upside , but nothing to alter the larger picture that Q1 has been poor for Europe. Eur is still a sell own rallies.

Oil prices were continually supported during the session with all attempts at moving lower being bought. Cad remained supported through the session and was the strongest currency on the day. NZD was the weakest after the RBNZ dovish hold. There was no major reaction to that in the London session, but bearish sentiment is in the market and NZD is going to be offered all day, so sell the NZD rallies.Iran's attacks on Israel has kept markets subdued as a sensitive and nervous time after the Trump withdrawal from the Iran nuclear deal.

The strongest currency has been the CAD and the weakest has been the NZD against the US dollar today. Here are the others as well.

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