Forex trading headlines from the European morning session 21 July
News:
- Ukraine’s military spokesman says operations in Eastern Ukraine in “active phase”
- Ukraine’s Yatsenyuk says international partners can take over plane crash investigations
- UK GDP set to achieve the strongest growth figures of any G7 nation in 2014
- BUBA says German economy may have stagnated in Q2
- PBOC signs currency swap deal with Switzerland
- Credit Agricole looking for lower US inflation to put the squeeze on EUR/USD
Data:
- German producer prices June m/m 0.0% vs 0.0% exp
- Italian industrial orders May m/m sa -2.1% vs +3.6% prev
Markets have been in understandably cautious mode as a new week gets underway still dominated by events in Ukraine and Gaza
No Japanese markets meant a quiet start to the session but we then saw GBPUSD and EURUSD retreat to 1.7073 and 1.3519 from 1.7097 and 1.3541 respectively as equity markets opened generally lower. Cable has since stabilized to rally to 1.7085 but with EURGBP offers keeping a lid on EURUSD in very quiet trading.
USDJPY has edged up slightly from 101.20 to 101.35 but still weighed down by yen pair selling while AUDUSD and NZDUSD have retreated from Asian gains with 0.9400 and 0.8720 proving tough levels to break again.
USDCAD has drifted up from 1.0733 to take out the offers at 1.0750 but with no follow through with larger offers from 1.0775 noted.
No data of note, or to come today, so we’ll be keeping an eye on the wires as ever.
