ForexLive European morning news wrap: USD weaker, EUR stronger as ECB looms large

Author: Mike Paterson | Category: News

Forex news for the European morning trading session 7 Sept 2017



A skittish session understandably with bots and traders poised for action as the ECB prepares to deliver its latest decision.

A generally softer few hours for the greenback with USDJPY and USDCHF both struggling to make gains above 109.10 and 0.9580 and then retreating again to 108.83 and 0.9512

That's seen EURUSD rise to 1.1995, GBPUSD to 1.3096 and AUDUSD to 0.8025 with the euro generally better bid on increased expectations that Draghi & Co may yet have hawkish tendencies today.

Markets rushed to buy a few euros on a Reuters headline that said mon pol decisions will be announced after the usual time of 11.45 GMT but that was then corrected to say usual time. EUR pairs retreated a little only to find fresh legs and head higher again.

EURGBP demand early on helped capped GBPUSD but that p/a has since reversed. USDCAD has remained on the back foot and fallen to 1.2180.

Gold has had a good morning as risk-off sentiment mostly prevails and that's helped underpin AUD while oil has had an up n down morning with WTI returning to from whence it came.

                                                        WTI 15m

Equities opened on the foot and have added to those early gains. Currently:

  • FTSE +0.55%   7393.48
  • DAX 0.96%      12363.60
  • CAC40 0.9%     5146.06

Apart from the ECB we have some data out of the US/Canada and a few option expiries in play to also keep in mind.

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