Forex news from the European morning session 11 June 2015
News:
- There's a good chance that next week will bring an agreement with Greece - EU
- EU's Moscovici urges Greece to step up efforts on reforms
- French fin min Sapin says progress is being made on Greek talks but time is of the essence
- Germany's Merkel says Greek PM Tsipras has agreed to step up reform efforts
- Bundesbank head Weidmann says rising bond yields are a market correction
- PBOC says they will keep the yuan exchange rate "basically stable"
- IEA raises forecast for global oil demand growth in 2015 by 280k bpd to 1.4m bpd
- How scared do you get when trading? -ForexLive Webinar today with Greg
- Option expiries 10am NY cut today 11 June
Data:
- China industrial output May +6.1% vs year earlier vs +6.0% exp
- French CPI May mm +0.2% as exp
- French Q1 NFPs final 0.0% vs -0.1% exp
- Greek Q1 unemployment rate 26.6% vs 26.1% Q4 2014
- Nikkei 225 closes up +1.68% at 20,382.97
The session started well for the euro but with more than one eye on the US retail sales data out at 12.30 GMT we've seen traders preferring the greenback
EURUSD had an early rally to 1.1316 as bonds rose but then it was turnaround time and we've seen 1.1240 with EURGBP falling to 0.7274 from 0.7316 and EURJPY 138.77 from 139.64
USDJPY has forged its way higher and posted 123.80 which has helped lift EURJPY back up but EURGBP still around its lows
GBPUSD needed no excuse to come down on the early euro buying and we've been to 1.5430 from 1.5500 before finding decent demand for a run back up but failing at the pivotal 1.5480 area
USDCHF also caught a bid as EURUSD fell with EURCHF finding support above 1.0500 while USDCAD enjoyed the greenback grabbing to post 1.2324 before running out of puff
AUDUSD remained on the backfoot as did NZD after the RBNZ rate cut
But it's all eyes on the US now and we can be sure of another choppy session ahead
