Forex trading headlines from the European morning session 10 July
News:
- BOE leaves interest rates unchanged at 0.5%
- PBOC’s Zhou says they will cut fx intervention “noticeably” when time is right
- ECB’s Stournaras says June 5th measures have increased confidence
- ECB monthly report says monetary stance will continue to ease in coming months
- Equities on the run as Espirito Santo suspends share trading
- ECB TLTRO’s could boost Italian economy by 0.5% – 1.0% of GDP by 2016
- OPEC see greater global oil demand in 2015
- Suspicious share trading activity around mergers rise say the UK’s FCA
Data:
- UK trade balance May GBP -9.204 bln vs -8.75 bln exp
- French CPI EU norm final June m/m 0.0% vs +0.1% exp
- French industrial output May m/m -1.7% vs +0.2% exp
- Italian industrial output May sa m/m -1.2% vs +0.2% exp
- Signs of inflation as Portuguese and Irish HICP rises in June
- Japanese consumer confidence index June 41.1 vs 39.3 prev
- Nikkei closes down 0.56% at 15,216.47
A lively session ( yep, all relative I know) with a risk-off sentiment led by falling equities and Gaza concerns playing their role.
USDJPY and USDCHF drifted off to 101.25 and 0.8901 from 101.53 and 0.8925 but with the latter now staging a rally back to from whence it came. Yen and swiss pairs have seen a similar price action but EURCHF still looks heavy at 1.2141.
GBPUSD was already coming lower from 1.7153 when the trade balance data gave it another slap from 1.7135 down to 1.7110 ahead of good support down to 1.7100. EURGBP has had another run up, this time to 0.7970 but since fallen back to 0.7955 as the euro takes a further slap on the Portugese based equity collapse which has seen EURUSD down to 1.3604 from 1.3640.
AUDUSD is still reeling from its overnight fall at 0.9370 but NZDUSD has found some safe-haven support at 0.8800 while USDCAD has been pinned in around 1.0665 after testing the bids at 1.06-45-50.
Hopefully we’ll see some continued action providing good jobbing opportunity if nothing else.
