Forex trading news and economic data 27 May 2016

Asia sesh catch up - ForexLive Asia FX news wrap: G7 commit to boost growth

Oh man, there's no polishing this turd and glitter won't help either. WAKE UP AT THE BACK!!

Not exactly the busiest session we've ever had. There have been moves though and if you were quick enough you might have caught them.

GBPUSD was an early riser as it tacked on a quick 55 pips over not much at all. The only trace of news I could find was BoAML looking to put a large UK credit card firm up for sale. There may have also been an element of month end flows, what with the UK on holiday Monday. The reversal from the high was not quite as sharp but we went from 1.4689 to the low of 1.4621 in pretty good time. Again, there was alack of news but it coincided with oil dipping further from 4$50 and as no one has come up with a better reason, that's the one I'm using.

My evidence for currencies moving on the oil price got some backing as USDCAD rode up through 1.3000 to 1.3048. The dip from that high has been shallow but a second attempt at the high has held and confirmed that sellers are sitting there in some force.

EURUSD hasn't done much after a small reactive move south as the pound jump wobbled EURGBP. From that we've not managed to break a rough 15 pip range between 1.1185 and 1.1170.

USDJPY has just managed to drop a quick 10 pips to test bids around 109.50. The pair has been edging lower from the mid-Asia highs near 110.00. This will be the fourth time of asking questions of 109.50 since after the 109.40 low yesterday. I never like it when we knock on a door too many times. We sit at 109.58

The big US GDP truck rolls into town today (there's a quick preview up above) and is followed by the Yellen wagon late in the European day. Strap yourselves in folks, it could be a wild ride.