Forex news from the European morning session 1 April 2015



It's been a morning that started off with the euro on the back foot despite better than expected PMI data but then was soon overtaken by the pound getting a sharp kicking lower, also despite better data with talk of large pre-election outflows

EURUSD struggled to get above 1.0785 before retreating to 1.0745 but then saw a further dip to 1.0720 after better PMI data failed to inspire and the US$ demand prevailed. EURGBP dipped to 0.7230 and EURJPY to 128.60 as USDJPY failed to breach 120.00

Cue the UK PMI and we saw cable first rally above 1.4840 helping to push EURGBP lower but then we were soon dropping in rapid time to 1.4760 then 1.4739 before staging a rally to 1.4780. EURGBP posted 0.7277 in a rush too and has since been up to 0.7291. Overall the pound has had a soggy time of it having looked sprightly enough at the start of the session

USDCAD enjoyed a rally up to 1.2710 but then gave up its gains as oil turned a little higher and USD demand started to wane.Been down to 1.2643 in quick time. AUDUSD and NZDUSD have both been on the backfoot but finding bids into 0.7580 and 0.7390 respectively

Thin liquidity out there this week as the Easter hols kick in and it's not going to get any prettier