Forex news from the European morning session 8 June 2015



It's been a lively enough start to the week but one that has shown how fragile these markets are as talk of Obama comment on USD strength dominated the proceedings

EURUSD had tested 1.1080 again despite better data out of Germany, and was hanging in around 1.1095 when reports filtered through of a French official quoting Obama as having said that USD strength was a problem.. Cue a quick jump through 1.1150 then again to 1.1179 ultimately

The move dragged euro pairs in its wake with EURGBP heading back up though 0.7300 but not without GBPUSD breaching 1.5300 albeit briefly. EURJPY demand gave USDJPY a bid into 125.00 but overall the greenback was on the back foot.

The momentum was already waning though when US denials of any such comment brought the dollar bulls back out from behind the rocks to stage another ambush

Cue GBPUSD needing little excuse to drop to session lows of 1.5220 as euro pairs continued to find support slowing the EURUSD retreat to 1.1118 and then heading back up as I type

USDJPY having found dip-demand failed to make the most of the USD buying and has struggled to hold gains above 125.35

USDCHF has been tossed around by the EURUSD flows with EURCHF running out of steam in the initial rally at 1.0480 but holding 1.0450 since

USDCAD has also been caught up in the cross-play crossfire while AUDUSD and NZDUSD both found a bid again but with offers slowing further moves for the moment

A busy enough start but one that's highlighted how thin these trading conditions are.