Forex trading news and economic data headlines 28 April 2017
March 2017 Italian PPI 0.0% vs 0.3% prior m/m
Russia cuts key interest rate to 9.25% vs 9.5% exp
Macron puts the boot in to Le Pen's hot streak in latest Opinionway poll
EU could start trade talks with UK before deciding the UK's Brexit bill
Your support needed as ForexLive reader Chef sets out on another mission
Bank of Italy says households and firms can withstand a rate hike
This is what I've been waiting for - EURUSD bolts higher after core CPI number jumps
Italy April CPI flash mm +0.3% vs +0.2% exp
April 2017 Eurozone CPI flash 1.9% vs 1.8% exp y/y
Here are the BOJ bond buying plans for May - Cuts auction range to ¥250-350bn for 3-5year range
UK Q1 GDP flash qq +0.3% vs +0.4% exp
Jordan says SNB prepared to lower negative rates further
Eurozone March M3 money supply 5.3% vs 4.7% exp
China says peaceful resolution is the only way to resolve North Korea issue
March 2017 Spain retail sales 0.9% vs 0.0% prior y/y SA
Switzerland April KOF leading indicator 106.00 vs 107.50 exp
Q1 2017 Spain GDP flash 0.8% vs 0.7% exp q/q
April 2017 French HICP flash 1.4% vs 1.4% exp y/y
Scots give Sturgeon a slap round the chops over 2nd referendum
Merkel extends lead in latest German election poll
Trade ideas for the European session 28 April 2017
April 2017 UK Nationwide HPI -0.4% vs 0.1% exp m/m
March 2017 German import prices -0.5% vs -0.1% exp m/m
March 2017 German retail sales 0.1% vs -0.3% exp m/m
There's two hopes of an RBA rate move next week
UK putting a sanctions plan together for after Brexit, and why this is important news
Q1 2017 French GDP flash 0.3% vs 0.4% exp q/q
Forex option expiries for the 10am (14.00 GMT) New York cut 28 April 2017
March 2017 Japan housing starts 0.984m vs 0.955m exp ann
Economic data due Friday 28 April 2017
Heads up for China PMIs due over the weekend!
Japan vehicle production for March: 4.7% y/y (prior +11.2%)
Reuters poll shows Japan fund managers increase equity exposure in April
Catch up - ForexLive Asia FX news: Huge Japan data dump, and Trump
Another paint drying watching session sprung into life with the start of European GDP numbers. France kicked the match off and went down injured in the first 5 minutes with poor Q1 numbers. The euro had a half hearted look at the recent 1.0850/55 lows but didn't fancy a real push and that marked the bottom as other starts took to the field. Germany grabbed the ball but couldn't find the net with only mildly positive retail numbers, so it was up to Spain to grab the limelight with a half decent performance in GDP. The euro slowly zigged-zagged it's way higher (with more zig than zag) and soon we were testing 1.0900. Then the Eurozone took to the pitch and smashed a 50 yarder (40 if you adjust for the revision) into the top corner of the core CPI net. The euro cheered and promptly stepped up to 1.0947 to collect the high of the day trophy.
We've just had another little look at the high but that's been rebuffed and we've just broken the immediate rally support at 1.0930/35. With big options in play between 1.0900 & 1.0950, expect this match to continue going end to end.
The quid has also been making good, despite a less than impressive start to 2017. The data wasn't horrendous and largely expected. We'd already taken a leap into 1.2900, most probably on easing sentiment towards Brexit trade talks and we've remained up near the 1.2957 highs since.
USDJPY hasn't been doing much and has followed mostly on the shirt tails of other yen pairs rising, namely EURJPY. The BOJ's new shopping dates for bonds next month didn't offer anything untoward and the pair is sitting towards the top of a 111.07-52 range.
Taking a general look around, it looks like a mild risk-on day, or at least a bounce of some sort from yesterday's sogginess. Stocks and commods are showing modest gains and US yields are up, also adding some support to the USDJPY.
Our next stop on the GDP bus is over in the states, so trading will switch to the dollar side of the road.
A quick reminder while I've got your attention, Monday is a bank holiday in the UK and a good chunk of Europe so some markets will be closed.