Forex news from the European morning session 21 May 2015



It's been another busy morning with the euro whipsawing on PMI data then the pound taking off like a rocket after strong retail sales

Weaker than expected PMIs from France, Germany and Eurozone gave the euro a shove lower with EURUSD dipping to 1.1115 from 1.1140 after had an early look at 1.1080 only to bounce higher

EURGBP followed it up to 0.7168 only to then come back down to look at the 0.7130 bids then got another slap to 0.7115 as GBPUSD jumped to 1.5640 from 1.5580 on the retail sales data and has been supported into 1.5625 since, touching 1.5700 but repelled by decent offers

Pound across the board has had a great session far and beyond that justified by the data but traders have been scrambling shorts back in on the lack of any retracement

USDJPY had a look below 121.00 as the Nikkei's recent good run came to an end but has been largely supported on cross plays, especially GBPJPY and is holding gains above 121.,00 again

USDCAD has also had a good run higher with demand at 1.2170 launching a rally to 1.2218 as I type despite a steady/firmer oil price while AUDUSD continues to be capped by a large option expiry tomorrow at 0.7920. NZDUSD had an early rally to 0.7340 but has also been on the back foot since and testing 0.7300 as I type

Busy busy busy. Again.