Forex news from the European trading session 3 November 2014



Well it all started off quietly enough and then it was wham, bam, yen-selling again thank you Ma’am

USDJPY had looked at the 113.00 barrier in Asia but found itself in relative retreat as Europe opened up with the pair at 112.65 from 112.99 but then, after the PMIs were out of the way and traders thinking nothing much was going to happen, up went USDJPY through 113.00 in a rush, triggering stops, pausing for breath only briefly at 113.25 before posting highs of 113.73 so far.

EURJPY soared through offers at 141.50 also triggering stops to fly past 142.00 to 142.12 highs while GBPJPY surged through 6 year highs to post 181.97 so far with CHFYEN up at 109.66 and AUDJPY 99.12.

GBPUSD had a run up to 1.6027 from 1.6002 after mftg PMI with EURGBP testing bids at 0.7800 but the pound sellers returned soon enough for a fall back to 1.5995 and 0.7815. EURUSD was able to limit losses on weaker PMI data finding support from EURJPY buying and perceived support into 1.2040-50 on EURCHF

USDCAD had a run up through 1.1300 in Asia but since been back to 1.1262 while AUDUSD recovered its poise to take out fresh offers at 0.8750 only to fall back below 0.8720.

A lively session then to kick us into a new week and month and we can be assure of plenty more action ahead.