European market news 8 May 2018
- Australia to balance its books by 2020: first time since 2008
- US April NFIB small business optimism index 104.8 vs 104.5 expected
- Australia 2018/2019 Budget day: read all about it...
- Russia with latest on Iran nuclear deal: In focus for today
- EUR/USD now at fresh 2018 lows...
- AUD falls 0.7% to June 2017 low
- Oil tumbles: commodity currencies hit
- Dollar Index hits fresh 2018 high: above 92.97
- US WTI crude oil futures extends losses: +1% drop on day to 69.67
- USD/CAD catches a bid: takes out daily supply level
- Fitch says that UK household finances pose a risk to growth, consumer loans
- Iran: Go on, leave the deal : we'll be fine
- Cable falls to session low as dollar gathers some steam on the day
- What will Trump decide on Iran later today? And how will Iran respond?
- Fed's Jerome Powell due to speak at 0715 : highlights now below...
- European equities mostly a little lower to start the day
- Quick recap on ECB's Praet on slow Q1 for Euro: Look for Q2
- German data: some good news, some bad news
- Trading ideas for the European session - 8 May 2018
- Cable up to session highs, take a peek above the 100-hour moving average
- Eurostoxx futures -0.1% in early European trading
- Nikkei 225 closes higher by 0.18% at 22,508.69
- Germany March Industrial production data m/m 1.0% vs 0.8% expected
- Germany March trade balance +€25.2 bn vs +€22.5 bn expected
- French Defence minister on Iran nuclear deal
- Can UK traders provide a fresh bias for cable to move?
- Switzerland April unemployment rate 2.7% vs 2.9% expected
- Australian budget day boost for equities
- EUR/JPY continues run of declines, eyes a test of the year's low
- Economic data coming up in the European session
- Ex-PBOC adviser says China unlikely to devalue yuan for trade war
- FX option expiries for the 1400 GMT cut - 8 May 2018
Market data
- DXY +0.36% at 93.08
- WTI crude -1.24% at 69.85
- Bitcoin -1.38% at 9300
- Gold - -0.33% at 1309.69
The dollar has been grinding higher through the session and the dollar index has hit a fresh 2018 high. It currently sits at 93.08. Commodity currencies have been hit hard with AUD faring the worst as a type with a loss of -0.88% on the day. Oil dropped over 1% on the day as part of the reaction to the Iran nuclear deal which he is expected to pull out of.
In summary the markets have been jittery and there are so many outcomes from the Iran nuclear deal falling through (indeed, if it falls through) that there is no clear direction to know the outcome. Uncertain times. USD is getting bid and JPY has been bid and is up 0.12% on the day. So, some moves to safety may be being seen ahead of the event. Certainly seems sensible given the fall out there may be from a deal falling through.
Although there was some good news out of Germany this morning with the Industrial production data this was tempered by the Trade balance data. What they really served to show is that Q2 is now very much the focus for the ECB. A reflection on ECB's Praet's comments during the session showed that Q2 , and the data the energies for it, is going to be providing fresh moves for the euro.
The Australian budget day did provide some hope for the Aussie. The Australian economy is due to return to a surplus for the first time since 2008 in 2020...
