Forex trading headlines for the European morning session 6 September
- UK trade balance july GBP -9.853 bln vs -8.15 bln exp -8.17 bln prev
- UK industrial production july m/m 0.0% vs +0.1% exp vs +1.3% prev
- German trade balance july EUR +14.5 bln vs +16,1 bln exp +15.8 bln prev
- German industrial output july m/m -1.7% vs -0.5% exp +2.4% prev
- French trade balance july EUR -5.1 bln vs -4.5 bln prev
- French consumer confidence 84 vs 83 exp 82 prev
- Italian flash trade balancev july non-eu EUR +2.797 bln vs +2.45 bln prev
- Swiss CPI august m/m -0.1% vs 0.0% exp -0.4% prev
- Swiss Q2 ind orders-4.2% vs +0.5% prev
- UK Halifax HPI m/m +0.4% vs +0.7% exp
- BOE quarterly inflation survey results
- Japan coincident indicator july +0.9 vs -0.8 prev
- Japan leading indicator +0.6 vs -3.7 prev
- Britain is ” just a small island” says Russia
- Cypriot lawmakers finally approve key terms for second tranche of bailout
- ECB’s Mersch says low rates for too long may spur asset bubble creation
- Moodys upgrades German banking system to stable from negative
- Nikkei closes down 1.45% at 13,860.81
- Shanghai comp index closes up 0.83% at 2139.99
Enough hitting the headlines this morning to keep us on our toes but in reality there’s been a “waiting-for-Godot” air prevailing as the much-hyped NFPs loom large.
USDJPY got knocked back down as Nikkei headed lower and had another dip after as traders squared a few longs but strong support at 99.50 has held so far. Similar story on yen pairs.
The Pound took a hit on worse than expected trade balance data but it too has found support in the dips with GBPUSD falling to 1.5565 and rallying to 1.5585 and EURGBP rising to 0.8434 before tumbling again to test 0.8410 support ahead of 0.8400 barrier option defence.
The euro has ducked and dived but with EURUSD trading mostly around 1.3115 having failed to break suppport at 1.3100 while the aussie dollar continues to find support in the dips.
Not long to go now until the magic number comes out of the hat. Whatever the outcome let’s hope for some good opportunity.
