Forex news and trading headlines 8 December 2016
News:
- ECB Preview: What are these 15 banks expecting ?
- What surprises will Draghi have in his box of tricks today?
- EURUSD pops 1.0800 as euro demand prevails
- Major changes planned for the UK CFD market
- China's SAFE says FX reserves remain generally ample
- Germany's Gabriel says low oil price and interest rates helping economy
- Japan and the global economy is heading in the right direction says Kuroda
- A few cents makes all the difference in oil forecasts
- OECD sees growth momentum increasing in several advanced economies
- Option expiries for the 10 am NY cut today 8 Dec
- Nikkei 225 closes up 1.45% at 18,765.47
Data:
- France Q3 NFPs qq +0.3% as expected
- Bank of France keeps Q4 GDP forecasts at +0.4%
- Japanese economy watchers surveys show improved sentiment in November
As we wait on the ECB we've seen some solid euro short-covering in the first part of the session as traders run shy of possible tapering talks. Since EURUSD popped 1.0800, EURGBP failed to get through 0.8535 and EURJPY through 122.75-80 it's been a case of back-footing. Barrier option interest now gone but vanilla expiries still in play.
Currently back to 1.0785, 0.8500 and 122.38 we haven't got long now to find out what Draghi & Co have up their sleeve.
EURCHF has remained underpinned and surged in the last hour and that's helped put a bid under USDCHF again. SNB in the frame as ever.
USDJPY has been pulled around largely by EURJPY and yen pairs in general and been caught in the crossfire in a range of 113.25-65 while GBPUSD recovered from an early wobble below 1.2620 and got a leg-up through 1.2700 as EURGBP fell back from 0.8535 but it too has run into sellers.
AUDUSD has been supported at 0.7480 after various attempts to climb above 0.7500 while USDCAD has remained on the back foot as oil prices firmed again.
More summary to follow.
