Forex news from the European morning session 7 May 2015

News:

  • EU's Dijsselbloem repeats no deal likely on Monday but Athens could face a deadline over liquidity problems
  • Greece will present measures only when a deal is reached
  • UK Election 2015: Latest poll has the Conservatives leading by 1%
  • EU spokesman says Greek talks could continue into week-end
  • ECB's Mersch says markets underestimate the will to save the euro
  • Fin min Sapin says France is in line with budgetary commitments
  • Sapin says Greece belongs in Europe
  • Norway leaves interest rates unchanged
  • SNB forex reserves April CHF 521.9bln vs 523bln exp
  • Option expiries 10am NY cut today 7 May

Data:

  • Germany factory orders March mm +0.9% vs +1.5% exp
  • Switzerland SECO consumer confidence April -6 vs -11 exp
  • France industrial production March mm -0.3% vs 0.0% exp
  • Nikkei 225 closes down 1.23% at 19,291.99

Another lively session as the euro continues to take centre stage with the UK election playing a strong second fiddle as voting gets underway

Blink and you miss it again and I will refer you to your intraday charts to see all the price action but suffice to say the euro and pound have been up and down like the proverbial.

EURUSD has posted 1.1392 from 1.1340 and that level held a couple of times but with weaker rallies before dropping through to post 1.1323 so far. EURGBP enjoyed the ride to 0.7484 before heading into decent offers and coming back to 0.7440 as GBPUSD found a bid at 1.5165 after UK names helped drive it down from 1.5230 to bounce back to 1.5240

USDJPY was once again hemmed in by the cross plays to begin with around 119.40 but as the euro capped so too did EURJPY at 136.00 and we've seen a retreat to 119.06 and 134.89 so far

USDCAD has maintained a bid above 1.2040 and rallied to 1.2097 despite oil dropping before stalling itself. AUDUSD and NZDUSD both headed lower as EURAUD and EURNZD dominated early preoceedings before finding some support as euro sentiment turned lower in the latter half of the session

These are busy times and with the UK election exit polls at 21.00 GMTand results to follow we can expect the pound to dominate the landscape and knock on to other pairs