Forex trading news and economic data headlines 16 May 2017



A lively session that has seen some good swing and pip-making opportunity as the euro finds favour and marches higher while the pound felt some inflation data love only to get a reality check as per my preview.

So far we've seen EURUSD post highs of 1.1060 after a first failure at 1.1050 offers/res with EURGBP up to 0.8575 and EURJPY to 125.83. Offers/res lurking though. Move higher helped along the way by positive EZ data.

GBPUSD had a spike through 1.2950 on stronger UK inflation data to post 1.2958 but it wasn;t long before a reality check kicked in along with ongoing EURGBP demand and we triggered stops through 1.2920 and 1.2900 to post 1.2875 in a rush.1.2850 support remains intact though still.

USDJPY has been contained for the most part between 113.45-65 with yen cross plays impacting but early general USD-neg tones and euro demand has sent USDCHF down to 0.9892 from 0.9930. EURCHF remains underpinned above 1.0930 but sellers lurking above 1.0970 still.

USDCAD was pulled down to test 1.3600 again as oil firmed early in the session only to rally to 1.3660 on the reverse move and then, bingo, another reverse.

AUD and NZD both suffering a bit on EUR cross demand. GDT auction today for NZD traders

Politics still a scene shifter but we do have some US housing data to come and ECB talking heads in the shape of Coeure and Nowotny.

Fragile times out there and it's not going to change anytime soon.