Forex news and economic data headlines for the European session 20 October 2016

  • ECB preview: Is the euro gearing up for an ECB taper tantrum?

  • ECB Preview: 3 scenarios to consider say Credit Suisse

  • Buba's Dombret: EU should not take a stance of punishing the UK in Brexit negotiations

  • Bundesbank's Dombret tells banks to stop moaning about low profits

  • More from Davis: Not for the government to determine exchange rate

  • UK's Davis says financial services will be of great importance in Brexit negotiations

  • September 2016 UK retail sales 0.0% vs 0.4% exp m/m

  • Eurozone current account Aug SA EUR +29.7bln vs +27.7bln prev

  • Germany's DIHK raises 2016 GDP forecast to +1.9% vs +1.5% prev

  • Mitsui Life say they could consider taking currency risks depending on FX hedging costs

  • Spain trade balance Aug EUR -2.56bln vs -557.8m prev

  • Trading ideas - European session 20 Oct

  • Japan Post CEO says they haven't changed investment policy since BOJ decision to control yield-curve

  • Switzerland trade balance Sept CHF +4.37bln vs +3.01bln prev

  • Japan machine tool orders Sept final yy -6.3% as exp

  • Germany PPI Sept mm -0.2% vs +0.2% exp

  • Option expiries for the 10 am NY cut today 20 Oct

  • Data coming up in this session 20 Oct

We're in yet another lull while we wait for some central bank magic. EURU is the currency in the frame today with the upcoming ECB meeting. It's been stuck in a rough 20/25 pip range since late yesterday with 1.0980 defining the top and 1.0960 (plus change) on the bottom. There's not been much to shake that tree and EURGBP has seen the same sort of tight range from 0.8920/40.

GBPUSD is finding 1.2300 hard work once again and we're seeing the lower time framed charts pointing down more than they were pointing up over recent days. Once more it's been a tight affair and not even comments from Brexit's Davis nor helpful remarks from Buba's Dombret could lift its spirits. Retail sales came in on the soft side but it wasn't a collapse so there was no economic doom noises coming from there.

There only so many ways of writing the same thing so there's not much to say about other pairs. USDJPY is hanging around the upper 103.'s. USDCAD is banging it's head on 1.3180 after BOC induced highs ran out of steam.

Oil is near the lows but is having a quiet day too.

The ECB announcement is at 11.45 GMT and the presser will be at 12.30 GMT. You can watch that live from Snake Mountain here.