Forex trading headlines from the European mornin session 13 Oct
News:
- ECB’s Noyer says level of euro is not monetary policy aim
- Carney sees greater market volatility as stimulus is unwound
- Russian central bank raises rouble corridor boundaries by 25 kopecks
- Russian central bank governor says it’s in control of rouble situation
- Germany’s Seibert says German and French academics are working on growth proposals
- Luxembourg finance minister says hands off the ESM
- RUB posts new record low vs euro of 51.20
- Dollar sunk on a jawboning Fed but it’s not the end of bull run
- AUDUSD option barrier providing good support
- Barclays Trades of the Week: Sell EURGBP and cable rallies
Data:
- German wholesale price index Sept m/m +0.1% vs -0.2% prev
- LLoyds employment confidence rises in September to 10 vs 6 prior
With the US off today and the lack of any data of note it was always going to be scrappy this morning, and so it’s proved but there’s been good opportunity in many of the pairs.
After the USD sell-off in Asia it wasn’t long before Europe saw no real change in rationale and so proceeded to start buying again. GBPUSD came down to 1.6070 from 1.6122, EURUSD at 1.2650 from 1.2685 and USDJPY headed back up to look at 107.50 from 107.15.
But it wasn’t too long before it all ran out of steam and we’ve been tracing back for the last part of the session but with every pair at its own pace and doing its own thing
USDCHF has had an offered tone for much of the session after failing to rally back above 0.9550 with EURCHF trading mostly around 1.2080 after running into the bids at 1.2075.
AUDUSD carried on its rally on talk of sovereign buying interest at 0.8650 and cross demand. A pause at 0.8750 saw it finally break higher to 0.8767 so far. Similarly NZDUSD has held its Asian gains but run out of steam into 0.7900 while USDCAD drifted off to 1.1190 from 1.1221 and has hung around down there since.
Certainly enough going on to make a few pips so far. Whether it continues without the US remains to be seen.
