Forex trading news and economic data headlines 10 May 2017



It's been a relatively uneventful session but one not without opportunity as yen buyers return and cap core pairs.

USDJPY had an early look above 114.00 but failure around 114.10 prompted a turn around in yen/core pairs that has seen USDJPY drop back to 113.77 with EURJPY falling from 124.30 to 123.65 and GBPJPY to 147.30 from 148.11.

That in turn prompted a turn around for GBPUSD after an early rally to 1.2988 and we've been back to test support/demand around 1.2940 while EURUSD fell to 2-week lows of 1.0858 from 1.0885 after early failure into 1.0900. EURGBP has also been mostly on the back foot into 0.8380 but a hold there has prompted a rally to 0.8400

USDCHF and EURCHF remain underpinned after SNB smoothing on Monday while USDCAD fell to 1.3688 from 1.3730 as oil prices have gently nudged higher from the session's start.

AUDUSD has bucked the general trend though and rallied to 0.7383 after finding support into 0.7350. Rising gold price from $121 to $125 has helped underpin AUD generally.

Equities began in negative territory and have remained there.

Draghi speaking shortly at 11.00 GMT while US Fed head Rosengreen is up to the mic again at 16.00 GMT.

21.00 GMT brings the latest RBNZ interest rate decision.

Data wise its scratchy with US export/import prices and crude oil inventories the main highlights.