Forex trading news and economic data headlines 25 October 2016

Would you notice if I copied my wrap text from yesterday? ;-)

26 pips is the range today on EURUSD. By comparison, this time yesterday was a cracker at 35 pips. Bonzer news from Germany's IFO survey of businesses was worth a handful of pips. Spanish PPI smelt inflationary but even that couldn't rouse the euro. Italian industrial orders jumped a huge 15.9% y/y to the highest since 2011 but still you could have heard a gnat fart in FX. Maybe we need another off the cuff Bloomberg headline to get things going.

What we do know is that Eurozone data is slowly starting to roll upwards and at some point the market is going to start challenging the ECB and their monetary policy stance, and this thing's going to take off. Whether that's this side of December remains to be seen and we still have plenty of political events to keep the euro on its toes.

GBPUSD also had a tighter range today of 34 pips vs 63 yesterday. A potentially GBP positive story about US banks looking for a 'bye' in Brexit negotiations was ignored and we're still stuck between 1.2210 at 1.2244.

USDJPY crawled upwards from 104.35 to 104.50 and spent hours banging its head on resistance. That finally gave way and we shot up to 104.60. We've fallen back since but have found support just under 104.50, around 104.47.

AUDUSD looked to be making a break above intraday resistance at 0.7640 after getting an Iron ore lift in Asia but like USDJPY, got vertigo a few pips over and back we've come to 0.7630.

USDCAD has been on a slow bleed after the Poloz sent it all around the houses once again. We're currently holding around Friday's break higher level just above 1.33 and this level will be important for the next direction.

It's not the wildest US calendar we've ever seen but consumer confidence will be watched closely at 14.00 GMT. If you click the economic data line in the headers above, you'll see that we have appearances from Carney and Draghi later.