Forex news from the European morning session 11 Dec
News:
- Do not adjust your sets. Normal service will be resumed as soon as possible
- IEA says concerns about reaching storage capacity limits appear to be overblown
- Loonie hitting the skids again as oil price continues to fall
- IMF says there is a strong case for UK to keep interest rates on hold
- ECB's Praet says QE will support credit growth
- ECB's Coeure says QE programme is flexible, can be adjusted if required
- Italy's Padoan says ECB policy needs to be complemented by government action
- Chinese yuan still feeling the heat despite PBOC intervention
- Forex hedge fund manager’s SNB war story
- Option expiries 10am NY cut today 11Dec
Data:
- Germany CPI Nov final mm +0.1% as exp
- UK construction output Oct mm +0.2% vs +1.0% exp
- Germany wholesale price index Nov mm -0.2% vs -0.4% prev
First off, let me apologize for the reduced service today but we've had technical gremlins at work as per my post above
Oil has continued its fall aided by the latest IEA report and that has sent USDCAD to new 11 year highs of 1.3680 before both staged small reversals
EURUSD has fallen to 1.0926 on general USD demand but then we saw euro recover as equities fell and EURUSD has been up to 1.0970 dragging other euro pairs up too
GBPUSD has been on the back foot mainly too but also staged a small recovery while USDJPY has been caught up in the cross play crossfire
AUD and NZD also suffering on the early USD demand but since been ranging as the greenback tries to make its mind up
US CPI and retails looming and caution is advised
