Forex news for the European morning trading session 25 Aug 2017
News:
- Trump to make major speech next week on tax reform
- USD in retreat as Jackson Hole speeches draw ever closer
- EU warns not to expect progress on major Brexit issues next week
- Brexit divorce bill - Johnson says UK should only pay to EU what the legal obligations are
- Japan CPI data recap - "Inflationary pressure isn't building up"
- Forex option contract expiries for today 25 Aug
- China's banking sector reports end-July total assets at 236.66trln yuan
- Trading ideas for the European session 25 Aug
- Nikkei 225 closes up 0.51% at 19,452.61
- ForexLive Asia FX news wrap: FX ranges small in Asia awaiting Jackson Hole
Data:
- Germany Q2 GDP final QQ 0.6% as exp
- Germany IFO August business climate 115.9 vs 115.5 exp
- France Aug consumer confidence 103 as exp
- Spain July PPI mm 0.0% vs 0.1% prev
No prizes for guessing where the cameras are pointed today and we've seen suitably fickle moves in this session with some last minute position trimming.
The euro began by attracting some sell interest that saw EURUSD down to 1.1773, and EURGBP to 0.9195 with EURJPY also falling to test 129.00.
USDJPY had spiked in Asia to test 109.80 again only to fail once more and retreat into 109.50 with USDCHF also down to 0.9630 before both found a few buyers as yen and franc selling returned.
It wasn't long before the USD sell interest spread and that pushed EURUSD back above 1.1805 and then a jump to 1.1827
EURUSD
GBPUSD had a look below 1.2800 early on but it didn't last long and we've up to rest the 1.2835 area with larger offers/res behind that around 1.2850. EURGBP has anchored between 0.9195-9210
AUDUSD broke up through 0.7900 again but found larger sell interest at 0.7920 a step too far while USDCAD has drifted down to test decent support/demand at 1.2500.
Gold and oil have traded tightly and equities opened firmer and held gains all adding to a general risk-on vibe.
US data in the mix with US Durable Goods first up at 12.30 GMT before the Yellen & Draghi Show later.
Not too long to wait now.
