Forex news and economic trading headlines 24 August 2016

News:

  • Italian earthquake death toll now at least 37 with 150 people missing
  • UK opposition party leadership contender opposes Article 50 being triggered without a parliamentary vote
  • EU Commission say they've written to Greek government regarding possible manipulation of data between 2010-15
  • SA rand tumbles as fin min Gordhan is summoned by police
  • SA Reserve Bank says South Africa has "too much inflation" to lower rates
  • Kuroda off to Jackson Hole
  • Saudi's drop down China's shopping list for oil
  • The five smartest words retail traders say....
  • Fitch rated New Zealand's 2037 bond at "AA+(EXP)
  • Goldman Sachs selling up ops in Australia - Livesquawk
  • USDJPY not straying far from 100.00 and it could mean big trouble
  • EURGBP breaks lower and sends cable back through 1.3200
  • Forex option expiries for the 10 am (14.00 GMT) New York cut 24 August 2016

Data:

  • Japan's Nikkei closes +0.6% at 16597.30
  • Q2 2016 German GDP revision 0.4% vs 0.4% exp q/q
  • July 2016 UK BBA mortgage approvals 37,662 vs 38,000 exp
  • US MBA mortgage market index w-e 19 Aug 530.1 vs 541.5 prev
  • June 2016 Japan leading index final 99.2 vs 98.4 exp

First we must recognize and pay respects to all those who have suffered in the Italian earthquake.

Markets have witnessed another lively session with a range of currencies making gains against USD but the euro remains isn't one of them and remains on the back foot.

Traders have been scratching their heads this morning amidst moves that seem to have centred around the current euro weakness as equities make further gains.

EURGBP has been a prime mover down to 0.8514 after failing to break back above 0.8580 and that's lifted cable back through 1.3200 to test offers/res at 1.3250. The pound has made solid gains overall with comments by UK's Smith on Brexit helping to fan some flames again.

Elsewhere USDJPY has clung onto 100.00 but EURJPY selling to 112.98 has kept it capped and the general EUR supply has seen EURUSD test bids/support into 1.1270.

EURAUD and EURNZD have both fallen and that's given AUDUSD and NZDUSD a decent leg-up to 0.7634 from 0.7590 and 0.7334 from 0.7280 respectively amidst a generally softer USD sentiment.

USDCAD survived a test of 1.2900 to head back to 1.2930 as oil once again found itself on the back foot.

Existing US home sales the data highlight to come at 14.00 GMT