Forex trading headlines from the European morning session 22 April
News:
- Fed’s Williams says policy ” exactly on the right track”
- USA’s Biden says US does not recognize Russia’s actions in Crimea
- ECB’s Coeure says they have room to cut rates further
- PBOC cuts RRR for some rural banks in China
- Moyes sacked by Manchester United
Data:
- Eurozone construction output Feb m/m +0.1% vs +1.6% prev
- Japan – Leading index for February (final): 108.9 (preliminary was 108.5)
- Nikkei closes down 0.85% at 14,388.77
- Shanghai Composite Index closes up 0.34% at 2072.83
Not the break between Moyes and Man Utd but the Easter holiday which has now dragged traders wearily and warily back to their desks.
A quiet session overall and the main action has been in pound-related pairs with EURGBP losses from 0.8215 to 0.8203 giving a further leg up to GBPUSD from 1.6805 to 1.6836 before running into offers again.
With EURGBP bids holding 0.8200 we’ve seen a bounce back to 0.8214 dragging EURUSD up to 1.3820 from 1.3806 and pulling cable back down to 1.6820
USDJPY had an early run lower to 102.42 on a fading Nikkei but has since been pulled back up to 102.58 where it’s largely stayed. EURJPY has picked up a couple of bids pulling the pair back up from 141.35 to 141.76. USDCHF had taken out the 0.8850 offers o/n but found 0.8860-70 a step too far and we’ve retreated to 0.8835 before finding a few bids again.
USDCAD has had the morning off while AUDUSD and NZDUSD have also been less than lively around 0.9355 and 0.8595 respectively.
Not a morning to inspire but once again a session not without opportunity.
