Forex news for the European morning trading session 29 Aug 2017
News:
- China calls for restraint on all sides over latest North Korean missile launch
- EU's Juncker repeats that no post-Brexit trade talks with UK to begin before divorce terms are agreed
- May's spokeswoman says UK govt feels it's in a good position on Brexit talks
- Swiss franc in focus again as safe-haven demand prevails
- Gold takes a shine to current global unease
- G20 exports slowed to 1.4%, imports 1.7% in Q2
- Merkel repeats that German trade surplus not due to unfair practices
- Forex option contract expiries for today 29 Aug
- Nikkei 225 closes down -0.45% at 19362.55
- ForexLive Asia FX news wrap: North Korea fires a missile over Japan
Data:
- France Q2 GDP provisional QQ 0.5% as exp
- UK Nationwide August HPI mm -0.1% vs 0.0% exp
- Germany Sept GFK consumer confidence 10.9 vs 10.8 exp
There's your main headlines from what's been a busy session.
It's been all about the euro's continued advance as market fall out from Draghi/Yellen at JH plus NK missile launch over Japan keep traders and bots dancing on hot coals.
EURUSD 15min
Big moves for the euro that saw EURUSD bust through 1.2000 at the first time of asking triggering stops to post 1.2032 in a rush then another push to 1.2971 before retreating. EURGBP rallied to 0.9307 from 0.9250 which helped cap cable a little but still saw that pair move up to test offers/res at 1.2980-00
While EURUSD was soaring so USDCHF was tumbling and we saw a move from 0.9530 to 0.9428 before finding some support ( SNB? See my article in the headers list above)
USDCHF 15min
Yen demand was also noted but understandably not to the same extent given that the latest NK missile launch saw it fly over Japan. Hardly a safe-haven.
Equities opened on the back foot and continued to tumble while gold rallied to 2017 highs of $1326.20. That demand helped underpin AUDUSD quite apart from the general USD supply which also saw USDCAD fall to 1.2440 from 1.2510 before bouncing back to look at 1.2480 with oil price in retreat mostly from Friday's highs.
Lots going on around the world and most of it not very pleasant, and certainly not predictable.
Lots of opportunities but caution advised.
