Forex news from the European morning session 5 August



Another session under the shadow of tomorrow and Friday's main events but the US$ has held on to most if its gains albeit with a few sellers ready to jump on to the overnight move

EURUSD found a small bid early on but has struggled to advance beyond 1.0880 despite better final PMI readings and this has given EURGBP a further kick lower to 0.6960 as I type with GBPUSD heading back above 1.5600 after a failed earlier attempt prior to an eventual softer UK services PMI

USDJPY has maintained its bid tone above 124.00 but been unable to breach 124.50 offers while USDCHF had move above 0.9800 on softer CPI but has failed to make further progress

USDCAD drifted to 1.3177 from 1.3215 despite softer oil but has picked up buyers from there and AUDUSD had an early dip below 0.7350 only to recover its poise and head back to 0.7370 from 0.7335 lows

NZDUSD still looks soggy and has crawled long the bottom around 0.6530

ADP non farm employment change at 12.15 GMT is eagerly awaited given the Fed's focus on jobs data but the big events this week are still to come tomorrow and Friday