Forex trading headlines from the European morning session 3 October
- UK Markit services PMI sept 60.3 vs 60.00 exp 60.5 prev
- German Markit services PMI sept 53.7 vs 54.4 exp/prev
- Eurozone Markit services PMI sept 52.2 vs 52.1 exp/prev
- Spanish Markit services PMI sept 49.0 vs 50.4 prev
- Italian Markit services PMI sept 52.7 vs 49.1 exp
- French Markit services PMI sept 51 vs 50.7 exp
- Eurozone retail sales august m/m +0.7% vs +0.2% exp +0.5% prev
- ECB’s Noyer says LTRO’s not necesaary at the moment
- UK Halifax house prices sept +0.3% vs +0.5% exp +0.4% prev
- Nikkei closes down 0.09% at 14,157.25
- US/Japan agree on revision of bilateral defence guidelines
It’s been a painfully slow session with all major pairs in very tight ranges. There’s always opportunity of course but it’s definitely been a feeding-off-scraps scenario so far.
EURUSD has failed to breach sell interest at 1.3625 but still has demand at 1.3580. Most of the session has been spent between 1.3595-3610 with moves only generated by the varying EZ data releases.
EURGBP has seen good demand though all morning with a rally to 0.8402 before finding more support in the dip to 0.8380 after better than expected UK services PMI data. The release also saw cable rally to 1.6235 from 1.6195 after good sell interest from a UK clearer had earlier sent it lower, but the pair ran into a wall of resistance ahead of the 1.6250 barrier option interest, and has since retreated to 1.6208.
USDJPY has been 97.65-85 all morning and a similar story on yen pairs. The Nikkei dipped early on but then rallied before finally ending almost flat.
AUD has been perky but AUDUSD failed to hold gains over 0.9400. Demand seen in the dips still though.
So, a large yawn for the most part. Let’s hope it doesn’t stay that way.
