Forex trading headlines from the European morning session 24 Sept
News:
- ECB’s Draghi says he doesn’t see risk of deflation
- Draghi says ECB will do whatever it takes to safeguard the euro
- Japan’s Hayashida says excessive yen weakness isn’t favourable for Japan as a whole
- Bank of Spain warns that growth factors are starting to run out of steam already
- China and Japan needs to restart economic ties says Chinese vice premier
- Fitch says China’s rebalancing means more volatility is expected
Data:
- German IFO business climate Sept 104.7 vs 105.8 exp
- US MBA mortgage market index 338.4 vs 352.9 prior
- Irish property prices Aug mm +2.3% vs +2.0% prev
- Swiss UBS consumption indicator Aug 1.35 vs 1.67 prev
It’s been a lack-lustre morning compared to recent sessions but the stand-out has been further euro weakness on renewed Eurozone concerns plus weaker German IFO
EURUSD has failed to hold any sort of rally above 1.2860 and has posted 1.2839 with EURGBP falling to lows of 0.7826 and putting a bid under cable from 1.6385 to 1.6410. EURJPY has drifted off to139.45 from 139.70 before finding a few buyers again as USDJPY held above 108.50 after the Asian fall from 108.80 and has bounced back to 108.72
AUDUSD and NZDUSD have had a quieter session than of late but EURAUD selling has seen the aussie $ find some bids to consolidate the Asian rally. Likewise USDCAD has been in tight range mode but supported in the dip to 1.1060.
A scrappy affair which hopefully will kick into life again soon enough.
