Forex trading headlines from the European morning session 14 August
News:
- BOE’s Miles doesn’t see UK economy stagnating
- BOE’s Miles says UK growth is good
- BOE’s Miles says overall rate of housing growth likely to slow
- France’s Sapin says economy to grow about 0.5% in 2014
- German econ min says economy is likely to grow again in rest of year
- ECB monthly report: sees “heightened geopolitical risks”
- Artillery shells hit close to Donetsk city centre
- Putin says Russian’s need to mobilise for benefit of Russia but not for conflict or confrontations
- Germany’s DIHK cuts 2014 export forecast to +3.5% max from 4.0% prev
- China’s state council sees downside risk to economy
Data:
- Eurozone final CPI July m/m -0.7% vs -0.6% exp
- Eurozone Q2 GDP flash q/q 0.0% vs +0.1% exp
- German Q2 GDP flash q/q -0.2 % vs 0.0% exp
- French Q2 GDP prelim q/q 0.0% vs +0.1% exp
- Portugal Q2 GDP q/q +0.6% vs +0.5% exp
- Swiss producer import prices July m/m 0.0% as exp
- French non-farm payrolls Q2 qq +0.1% vs -0.1% prev
- Nikkei closes up 0.66% at 15314.57
We’ve had some real wobbly Eurozone data this morning but the teflon-coated euro is once again seemingly resilient as USD sellers have also had a fair bit to say this morning
Weaker GDP and CPI data had EURUSD on the ropes again below 1.3350 from 1.3370 with EURGBP sellers from 0.8017 down to 0.8000 giving GBPUSD some support after an attempt to break down below 1.6660 support
USDJPY had rallied with a stronger Nikkei but offers into 102.70 capped the move at 102.65 and as the futures drfited lower so USDJPY drifted back to 102.45 then acclerated to 102.30 bringing USDCHF down through 0.9065 bids to test the 0.9040-45 support again.
GBPUSD headed back to 1.6694 and EURUSD rose to test strong offers into 1.3400 but both pairs have capped and fallen back to 1.6673 and 1.3370 as USDCHF rises again to 0.9065 and USDJPY to 102.45
What doesn’t go down must go up and vice versa, and that’s been the story of the morning apart but with the buoyant AUD , NZD and CAD all making good gains and holding onto most of them at 0.9318, 0.8495 and 1.0895 as I type
A lively session with opportunties but one not always easy to read with some false breaks but still range-bound overall
