Forex news and economic trading headlines 2 Sept 2016

News:

  • Roll up, roll up! It's "Guess the NFPs" time again
  • US NFP Preview: Look for 180k NFPs and +0.2% average earnings say BofA Merrill Lynch
  • US NFP Preview (2) : Barclays looking for 200k NFPs and +0.2% average earnings
  • US NFP Preview (3): Today's data not going to rush Fed into a September hike say RBS
  • Option expiries to cast a shadow over NFP moves today
  • Italy's Padoan says G20 are agreed on need for both private and public investments
  • Putin says there are no plans to move away from floating rouble regime
  • ECB's Hansson says European economy needs higher growth potential
  • Option expiries 10 am NY cut today 2 Sept
  • Nikkei 225 closes down -0.01% at 16,925.68

Data:

  • UK Markit/CIPS construction PMI August 49.2 vs 46.3 exp
  • Eurozone PPI July mm +0.1% as expected
  • Italy Q2 GDP final qq WDA 0.0% as exp
  • Spain's jobless total rises by 0.39% in August to 3.7mln
  • Japan consumer confidence index Aug 42.0 vs 41.8 exp

With focus on the US NFPs its been a relatively subdued session but not without opportunity.

USDJPY had found demand into 103.20 in Asia as the Nikkei had a decent afternoon session ad we've so far been up to 103.71 in a generally USD-positive morning before yen demand has put it back down to 103.46

EURUSD ran into 1.1200 supply with large option expiries there today and GBPUSD had only a limited rally into 1.3300 on better than forecast construction PMI data with the market forewarned by yesterday's mftg reading. We've since tested support at 1.3250 and been hanging around there since with GBPJPY supply also weighing on the pair.

AUDUSD and NZDUSD have both found some inherent demand though albeit struggling to go much higher. Large AUDUSD option expiries into 0.7600 casting a shadow.

USDCAD failed into 1.3120 and retreating toward the 1.3080 demand/support line as I type as oil prices turn higher.

Equities have enjoyed a solid/steady session but it's all about the NFPs coming up shortly.