Forex news for European morning trading on 2 Aug 2017
News:
- USD risk-reward not attractive for fresh shorts here - ANZ
- Franc continues the weakening theme as USDCHF pokes through 0.97
- Euro in retreat as rally-sellers prevail
- Cable still ranging as BOE looms ever larger
- More from BOJ Funo
- RBI cuts repo rate by 0.25% to 6.0%
- Preview RBNZ rate decision & statement
- Digging below the surface of the NZ jobs report
- Kiwi remains near lows following jobs miss
- AUDNZD near highs of the day
- USDJPY on a roll but fails into 111.00
- USDCAD retraces - how far can it go?
- Pound loses ground as PMI data disappoints
- Forex option contract expiries for 2 Aug
- The calm before the storm
- Rabobank on the ECB
- Barclays on yesterday's beat on manufacturing PMI
- Merkel's Conservatives maintain 40% support in latest Forsa election poll
- Nikkei 225 closes up +0.47% at 20,080.04
- ForexLive Asia FX news wrap: NZD the mover (lower), big jobs report miss
Data:
- UK construction PMI for July 51.9 vs 54.5 exp
- Spanish unemployment change -26.9 vs -66.5k exp
- Swiss manufacturing PMI for July 60.9 vs 58.8 exp
- Swiss retail sales for June 1.5% y/y vs -0.8% prior
- Swiss July consumer confidence -3 vs -3 exp
- Japanese consumer confidence (July): 43.8 vs 43.5 exp
A lively hump-day session as BOE and NFPs loom ever larger.
USDJPY set the tone early on with a break of 110.60 triggering stops to post 110.93 before falling back to test 110.60 pivot. The break higher had yen selling putting a bid under those crosses and core pairs too.
EURUSD made steady progress higher from 1.1810 to 1.1869 as EURJPY made its way to test 131.50 with EURGBP also rallying to 0.8970 on weaker UK construction PMI . EURCHF also had another sharp spike to test 1.1500 following recent pattern of events with USDCHF rallying to post 0.9705 from 0.9650.
Since then though we've seen the euro sellers out in force and EURUSD retreat to 1.1825 as I type, EURGBP 0.8940 and EURJPY 130.97 with European equities also turning lower from a positive start.
GBPUSD had an early look at 1.3250 again but failed as EURGBP demand and weaker PMI data along with general USD demand has sent it back down toward 1.3220
AUDUSD has been tightly bound after finding support below 0.7950 helped by that early AUDJPY demand. USDCAD failed at 1.2600 and fallen to 1.2550 as oil prices firm up.
US ADP jobs data next risk at 12.15 GMT with Fed speakers later.
