Forex news and economic data headlines for the European session 2 May 2016



Plenty of data to kick off the new month but without London trading (May Day hols) it's all been a little subdued albeit not without opportunity for the intra-day trader.

After an early wobble the euro has gained most of the plaudits but with strong EURUSD option-related sell interest into 1.1500 the jury remains out. EURUSD has chewed its way higher to 1.1494 after testing 1.1450 support helped by EURGBP rebounding from 0.7825 to post 0.7865 and EURJPY 122.48 from 121.95.

USDJPY had an early spike to 106.74 on the Abe comments having found demand into 106.30 and then had a look down there again before the yen-selling cross demand lifted the pair back up through 106.60

USDCAD found support on lower oil prices and CADJPY sales but has since turned lower from 1.2560 as both those have found support while AUDUSD and NZDUSD have both enjoyed some cross-play demand after early session wobbles. AUDUSD found demand below 0.7600 but equally is running into good supply ahead of 0.7650

Equities have performed well to start the week and that has also added a little downward pressure on the euro.

Not a great deal of data to come but a few talking heads including Draghi and Jordan to keep us on our toes.