Forex trading news and headlines 19 June 2015

The data

  • April 2015 Japan leading index CI final 106.4 vs 107.2 flash
  • May 2015 Japan nationwide department store sales 6.3 vs 13.7% prior y/y
  • May 2015 German PPI 0.0% vs 0.2% exp m/m
  • April 2015 Eurozone current account balance 20.4bn vs 24.9bn prior NSA
  • May 2015 UK PSNB 9.35bn vs 10.0bn exp m/m

Japan

  • Keep spreading Abenomics says Japan's Abe
  • BOJ's Kuroda: Japan's economy is continuing gradual recovery
  • Weaker yen wouldn't be a big negative for the economy - Kuroda
  • Kuroda: Ministry of finance could intervene in FX market

The never ending story

  • Bank of Greece's Stournaras says the banking sector is stable
  • Tsipras says emergency EU summit is a positive development
  • EU's Dombrovskis says do not expect a deal in one day on Monday - Livesquawk
  • France's Hollande says he'll be in touch with Merkel about Greece

Some we win, some we lose

  • The EURUSD break that turned fake - What did we learn?

A pretty ho-hum session at the start

USDJPY was doing nothing after the BOJ announcement and was grabbing a cup of tea while waiting for Kuroda's press conference. He kept us waiting and apart from the usual comments, he chose to touch on FX in more detail. The headline comments shifted the pair up and down 10-15 pips at a time but the moves were nothing in reality 122.80-123.20 has been the range for the session

EURUSD looked to be carrying on from where it left off yesterday around 1.1370/80 but soon traders starting worrying about Greece again over their breakfast bacon sarnies and decided that the time was right to take a little risk off the table. We grinded lower all morning in waves before pulling up at 1.1300. We parked there for elevenses before knocking through the big figure and into support at 1.1290. We have bounced back above to 1.1317 but the wave selling pattern continues and we trade at 1.1297 as I type. If the market is reducing risk into the weekend that's likely to pick up when US traders hit the desks

GBPUSD has pretty much shadowed EURUSD throughout and not even better government borrowing figures could help. Of late if someone farted in the right direction the pound would rise but not today. The quid might be one destination for weekend safety flows on Greece but due to the recent rally, pocketing some gains looks to be the overriding choice

Slow and steady in the intraday trends is prevalent across the board and AUDUSD is another that's been strolling down the hill. The 0.7850 highs from yesterday are a distant memory now we're down at 0.7750

Greece, Greece, Greece is all we're going to hear about today but perhaps some spark will come from Canadian CPI and retail sales at 12.30 gmt. There's nowt from the US today, unless you want some Cattle market data at 14.00 gmt. If you do, try GoCowsLive.com cos you won't get it here ;-)