Forex trading headlines from the European morning session 18 Sept
News:
- Swiss 3-month libor target rate held at 0.0-0.25% as exp
- SNB says they are ready to act immediately if necessary
- SNB hasn’t excluded using negative rates says Jordan
- Here comes the Jordan patter after SNB sits on its hands
- Latest Scottish poll has the No vote on 53%
- Japan’s Yamaguchi says there is a need to watch excessive weakening of the yen
- Banks take €82.6bn in ECB TLTRO funds
- Japan’s Shiozaki says GPIF reform bill should not be hastily compiled
- Who draws the short straw on first ECB governing council vote rotation?
- BOJ’s Kuroda says they will continue easing until 2% inflation stable
- Yes folks it’s TLTRO time !
- Ready, steady, vote!
Data:
- August 2014 UK retail sales 0.4% vs 0.4% exp m/m
- Swiss trade balance Aug CHF +1.398bln vs +3.9bln prev
- September 2014 UK CBI industrial trends orders -4 vs 9 exp
The pound had a sharp rally early on sending GBPUSD above 1.6320 from 1.6280 and EURGBP down through 0.7900 to 0.7885 but then we saw a move back to where we started only to see a slow grind higher, albeit with a dip or two, until a recent poll release saw another rally. Expect more of the same
USDCHF and EURCHF saw sharp falls to 0.9365 and 1.2067 after the SNB left rates and cap on hold but we’ve rallied a little since aLbeit unconvincingly so far
EURUSD had a move higher but has failed to hold gains and been looking for direction since
USDJPY had a quick run up to 108.88 on stronger Nikkei but has drifted off but yen pairs still look well supported while USDCAD has retreated from the o/n rally to 1.1025 to post 1.0973 so far
AUDUSD and NZDUSD have both find some support but rallies being sold as we head into the North American session with all eyes on Yellen later and the Scottish referendum
